It's not just the fault of the boomers that they don't have the money to retire. Even if they have money, they can't get any yield, so they would be spending their principle right away. A 3-mo CD yielded 11.23% in 1979. The same CD yields 0.03% today. That means you need 375× the savings to get the same income. It's like hyperinflation, but instead of erasing your savings, it has erased any possible yield income.
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The Dismal Retirement Picture For America's Older Generation
It's not just the fault of the boomers that they don't have the money to retire. Even if they have money, they can't get any yield, so they would be spending their principle right away. A 3-mo CD yielded 11.23% in 1979. The same CD yields 0.03% today. That means you need 375× the savings to get the same income. It's like hyperinflation, but instead of erasing your savings, it has erased any possible yield income.