According to a recent survey, 74% of Baby Boomers will depend on Social Security as the mainstay of their retirement income, and the average Boomer still needs about $500,000 more in savings to retire comfortably. Many more near-retirees are having trouble paying their bills, held down by student loans, credit card debt, and mortgages. As a result, more seniors are delaying retirement and working past 65 in order to make ends meet, a trend which Olivia S. Mitchell suggests will continue for years to come. “We will have to work a lot longer and get by with less,” she says. “It’s just getting a lot more expensive to be old than it used to be.”
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The Wharton School
