December 27th, 2010

boomer retirement woes

http://www.usatoday.com/news/nation/2010-12-27-baby-boomers_N.htm

Keeping the numbers straight: 10,000 a day turning 65 is between 3.5 and 4 million a year. About 4 million babies are born every year in the US.

(http://www.nytimes.com/2009/08/07/us/07births.html)

Here's the shocking paragraph:

"Vanatta was laid off last January from his $100,000-a-year job as a sales executive for a turf company. And with savings of just $5,000, he's on a budget for the first time. In April, he will start taking Social Security at age 62."

He knows he screwed up. He's got a lot of company, and most of the other people his age with no savings had a much better excuse (for one thing, most of them were making a lot less money, and probably put more kids through college as well).