The first baby boomers turn 65 this year and all signs indicate that they will have a very different retirement from what their parents enjoyed. Boomers’ parents likely had one employer for life and a full pension to rely on in retirement.
But today’s 65-year-olds are more dependent on employer-matched 401(k) savings plans that have taken huge hits on the stock market. Their social security benefits are shrinking and many may have no choice but to keep working and delay retirement.
We take a look at the unique issues facing boomers with Professor Alicia Munnell, director of the Center for Retirement Research at Boston College.