Back in 2008 McKinsey Global Institute released a study that caused The Wall Street Journal to run a headline declaring, “Spendthrift Boomers Face Perilous Retirement.”

The report found that early boomers (born 1945 to 1954) had a savings rate of 20%; late boomers (born 1955 to 1964), had a savings rate of 10%. By comparison, the “silent” generation (born 1925 to 1944) saw their savings rate rise from 15% in their early 20s to roughly 30% in their late 40s.

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