“32% of Baby Boomers Have No Emergency Savings,” by Lisa Fu,
“Though they are approaching retirement, 32% of those aged 53 to 62 have no emergency savings, the highest among the different age groups. McBride said many of these baby boomers may have lost their savings in the economic downturn or faced long term unemployment. Those older than age 63 reported the lowest likelihood of empty savings and 44% of them have enough savings to cover at least 6 months worth of expenses according to Bankrate.com. ”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Well, on the other hand, 2/3 of the 53 to 62 age LTCI target audience does have some savings. Not exactly a rousing endorsement of the boomer generation.
32% of Baby Boomers Have No Emergency Savings