Baby boomers are tragically unprepared for financing their health and long-term care costs as they age. And some important new studies show their circumstances may be much worse in the wake of recent carnage in both the economy and financial markets. So writes Howard Gleckman, a senior research associate at the Urban Institute, in Kaiser Health News.
Gleckman cites one study by the Employee Benefit Research Institute that shows in 2008, the average 401(k) balance of 50-somethings was just $113,000, and for those in their 60s it was barely $125,000.
But even these grim statistics mask the depth of the problem for many. Only one out of every six of those in their 60s has 401(k) assets of more than $100,000. Many have less than $50,000.