Seriously concerning. If boomers fall ill and can’t work, they’ll rely on friends and family, tap savings or use a credit card to get by, according to a new Unum report. Let’s examine this oh-so-smart thinking a bit further.
We’re in a historic recession, savings rates are nil and credit card balances are through the roof (when they’re available). A global pandemic appears headed our way, boomer retirement is coming with a vengeance and, according to the Congressional Research Service, 69 percent of all households within the 55 to 64 age group have retirement accounts of less than $100,000. So they’re screwed even if they don’t get sick. Add in illness or injury with time away from the job, and it only gets worse.