Money

CBS - About 53% of "peak boomers," or the tail end of the generation who will turn 65 between 2024 and 2030, have less than $250,000 in assets, the new study found. But huge disparities exist between within the group, the study found, based on its analysis of data from the Federal Reserve and the University of Michigan Health and Retirement Study.  For instance, peak boomer men have a median retirement balance of $268,745, while women of the same age have savings of only $185,086. Peak boomers with only a high school degree have saved a median of $75,300 for retirement, compared with $591,158 for college graduates.  Many of those peak boomers will be unable to maintain their standard of living in retirement, and also are likely to be reliant on Social Security as their primary source of income, the report noted. For instance, one-third of these younger boomers will rely on Social Security benefits for at least 90% of their retirement income when they are 70, the analysis found.

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