Yes, there really is a retirement saving crisis, concludes a study by Boston College’s Center of Retirement Research. Overall, the center found, about 43% of U.S. households are at risk of being unable to maintain their current standard of living in retirement.
The figure isn’t much better for boomers, according to the National Retirement Risk Index compiled by the Center’s researchers–Alicia H. Munnell, Anthony Webb and Francesca Golub-Sass.
The center calculates the NRRI based on the 2004 Survey of Consumer Finances compiled by the Federal Reserve Bank.
Around 35% of early boomers (born 1946-1954) won’t have adequate retirement income. This rises to 44% for late boomers (born 1955-1964).
The figures hold true even for boomers who work to age 65, even if they annuitize all their assets and include reverse mortgages, says the report, “Is There Really a Retirement Savings Crisis? An NRRI Analysis.”