Baby Boomers are the largest aging population in history and most of them may have to wait until age 75 before retiring. Retirement success depends on cash-flow issues.
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Boomers are not adjusting their expectations regarding income and spending during their retirement years. Those higher-than-expected expenses along with loss of income, insufficient savings, low returns, past-due taxes, and low wage growth are keeping Boomers in the work force.
Boomers seem to almost be indifferent to the changes they will be forced to make during retirement. It’s like they don’t realize the impact retirement will have on their lives. This keeps them from being prepared and taking action while they still have the opportunity
If cash flow models are not adjusted, most Boomers simply will not be able to retire on a cash-flow basis until at least age 75.4. The data were collected by My New Financial Advisor (MNFA), a lead generation company that makes connections between clients and advisors.