Tag: late boomers
Late Boomers have low levels of wealth regardless of how it is defined – total wealth, retirement wealth, or 401(k)/IRA wealth. A decline in some wealth components had been expected as a result of the rise in Social Security’s Full Retirement Age, the shift from defined benefit (DB) to defined contribution (DC) plans, and a…
The brief’s key findings are: With the gradual shift from defined benefit plans to 401(k)s, younger age cohorts would be expected to have more retirement wealth in 401(k)s. However, data for the Late Boomers at ages 51-56 show a surprising drop in 401(k)/IRA assets compared to earlier cohorts at the same ages. Late Boomers wer…
