Monterey, CA Baby Boomers Haven't Saved Enough For Retirement

Sadly, there are millions of baby boomers getting ready for retirement and research shows that the vast majority of them haven't saved enough for retirement.  On average, a typical working family headed by someone 55 to 64 years old has $104,000 saved for retirement, according to the Federal Reserve's Survey of Consumer Finances.  The Center for Retirement Research estimates that more than half of American households will not have enough retirement income to maintain the standards of living they are accustomed to, even if they work until 65 (which is two years longer than the average retirement age).  The Employee Benefit Research Institute has a more dire forecast, stating that 83% of baby boomers and Generation Xers in the bottom fourth of the income distribution scale will eventually run out of money.  More than a quarter in the middle of the income distribution and the 75% percentile will run short.  Hopefully the government can change the tax laws to make it more attractive for people to save more money for retirement.