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Over the next five years, the largest cohort of the baby boomer generation will reach retirement

age. And while it's broadly assumed that they'll have a comfortable retirement, a recent analysis

of their assets shows that more than half of this final group of boomers are not financially

prepared to retire whatsoever.

Younger viewers might be shocked to hear this.

After all, much has been made of the data showing that while retirees make up only 17% of the population,

they hold more than half of America's wealth. This is, of course, to be somewhat expected,

as a group who have worked their whole lives should have more accumulated wealth than those just starting

out in the workforce. The baby boom generation is usually defined in the United States as the group born

between 1946 and 1964, during a post-World War II period of growing American affluence.

The group now approaching retirement age are described in a new study as peak boomers, which are

the group born between 1959 and 1964. This younger group of boomers are less financially

secured than their siblings, who are often just a few years older, and many don't have sufficient

savings to cover the costs of a comfortable

retirement. A 2022 Federal Reserve study found that 43% of 55 to 64-year-olds had no retirement

savings at all, and that 30% of Americans over the age of 65 were economically insecure, which was defined

as bringing in less than $27,000 per year per person.

The fact that this younger cohort of boomers are less financially prepared than the group

...