Baby Boomers Facing A Different Retirement Than Their Parents

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Baby Boomers could be facing a different retirement than their parents. Without the pensions the previous generations had, Boomers needed to save for their own retirement, many of which didn’t start until their 40’s. Bloomberg.com covered the issue with a couple profiles of Baby Boomers and how their retirements will differ from their parents.

>The median net worth for U.S. households headed by boomers aged 55 to 64 was almost 8 percent lower, at $143,964, than those 75 and older in 2011, according to Census Bureau data.

I was pretty surprised by this net worth number. The moral of the story this to start saving sooner for retirement. The longer you have money in a retirement account, the more time it has to grow before you retire. Don’t wait until your 40’s to start your nest egg…..and if you are 40 and haven’t started, don’t delay any more!

Read the entire article at [Bloomberg](http://bloom.bg/1dpBE7K)