Some are still working to pay off student loans decades later or have to provide for their grandchildren, says Loretta Barr, an associate principal and career coach at Korn Ferry. Or, they’re making up for unforeseen circumstances. “When the pandemic hit, a lot of people lost their jobs suddenly, and they had to use up their retirement savings just to survive,” she says.
Lmao. For 20 years they’ve been predicting the retirement cliff in the labor market.
It’s become very clear that most Baby Boomers do not have a retirement.
It’s nearly impossible to have enough saved for retirement. Inflation of costs seems to rapidly outperform actual inflation and interest on savings. So if they were told that their end goal was it’s now half of what is actually needed.
Retirement through self funded plans are a scam.