"Retirement Crisis: 'Peak Boomers' Struggle Without Pensions and Savings"
The "peak boomers" cohort, comprising over 30 million individuals born from 1959 to 1964, are set to retire without substantial pensions, leading to potential economic challenges. A report indicates that over half of this group have $250,000 or less in assets, with many likely relying primarily on Social Security in retirement. This retirement wave could impact the US economy, with projections of decreased productivity and consumer spending. The shift from defined benefit pensions to 401(k)s has contributed to this crisis, and many retirement-aged Americans are currently living on modest incomes, prompting concerns about financial security in old age.