In 2010, there were about 42 million Americans aged 65 and older. There will be about 110 million by 2030. In 2010, Employee Benefits Research Institute data show people in their 50s, and people over 60, employed 30 or more years had about $200,000 in 401(k) accounts. In 1990, boomers were saving 10% of their income (including retirement contributions). By 2010, boomers were only saving 15%. Seeking a higher rate of return on investments will not solve the problem. Aside from greater risk, large-cap stocks currently expect to return about 7% to 8%, which leaves an income shortfall of about 20%. Boomers have little choice but to make significant alterations to their current lifestyles and save every last penny if they want to have sufficient savings for retirement.

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