Retirement Savings Lacking for Half of Baby Boomers

More than two-fifths of baby boomers are nearing retirement with no retirement savings, and fewer than half of working-age Americans have any retirement savings. Without a retirement account, most retirees count on Social Security, which has dwindled as an income source over the years, and pensions are in decline. More than ever, Americans who desire a “comfortable” retirement must squirrel away money in a retirement account. Retirement experts suggest that older Americans with insufficient retirement funds still have plenty of options, such as keep working, postponing Social Security benefits, leveraging home equity, and taking advantage of universal retirement savings plans.