Older workers are in trouble when it comes to retirement. Theyhave little or no savings to meet what's going to be a huge incomegap for most of them, and no time to correct the situation.
According to a new study from the Insured Retirement Institute,the typical retiree faces annual expenses of some $50,000 but canonly expect an average of $16,000 a year from Social Security.
Considering that 40% of baby boomers have no retirement savingsat all, and that more than two thirds of those who do have moneyset aside have less than $250,000 squirreled away, that meansthere's going to be a really big problem, really soon.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
