Baby boomers, people born between 1946 and 1964, are heading into retirement at an average of about 10,000 per day. Many are poorly prepared as they lack sufficient financial resources without at least part-time employment. The baby boomer retirement crisis is real. 
Although thirty-one (31%) percent of people 65+ years old have $200,000 or more in their retirement accounts, thirty (30%) percent of people age fifty-five (55) and over have no savings, and twenty-six (26%) have less than $50,000 saved.
The Baby Boomer Retirement Crisis — So What’s Going On?
There are many reasons for this including people losing a substantial part of their savings during the 2008 to 2009 financial crisis. After that many folks left the stock market never to return, so they were not able to benefit from any of the subsequent rebound.
Lack of good financial knowledge and advice is responsible for people being in a less than desirable financial position at retirement time. There was a lack of information on the importance of saving early and often.
Also, several years of low-interest rates have not helped the situation at all. Additionally, with wages not rising very much it makes it difficult to save. With the average payment of social security being only $1317 as of 2017, it is not surprising people are struggling and finding it hard to retire. 
The Baby Boomer Retirement Crisis — What Is The Solution?
Moving to a lower-cost part of the world may work for some people as there are several places that are very economical to live, and where a lower income is sufficient. But decisions need to be made as to the lifestyle which is affordable.
Owning your own home which is fully paid cuts down on expenses substantially, where the main expense will be maintenance and property taxes. Moving to a more affordable area, downsizing one’s home, using public transportation, and creating a workable budget are some options to consider as well.
Making a plan and some lifestyle adjustments before retirement certainly can make things easier, as you have more time to ingrain new spending habits. Having the right mindset about the type of lifestyle which is both desirable and realistic in retirement is important. 
Lowering Your Costs
For people who are finding it difficult to live on their retirement income, there are programs out there to assist. Some more well-known resources include Medicaid (for assistance with medical costs), food stamps, SSI (Supplemental Security Income), Extra Help, and the standard Medicare and Social Security benefits.
Check out BenefitsCheckUp for information on programs that are less well-known. There are assistance programs for legal services, housing, and education. These are both private and public assistance programs.
Another helpful website is ElderCare where you can locate local assistance programs which are available. A program similar to food stamps is The Commodity Supplemental Food Program (CSFP) which is administered at the state level.
Housing vouchers are available through The Housing Choice Voucher Program (HCVP), and contact utility companies for utility discounts.
There are many ways to lower your costs and expenses; continue to research and network with people in your community such as at your local Senior Center.
The Baby Boomer Retirement Crisis — Other Solutions
There are people who are financially comfortable, but still dissatisfied with retirement because they are bored. Not having something to do which they truly enjoy can be a strain before and during retirement.
My philosophy through the years has been to enjoy what you do so much that you will never want to retire. Whether it’s running a business, doing volunteer work, promoting a cause close to your heart, or just traveling the world to meet interesting people and learn about different cultures, there are ways to accomplish all of this.
Personally, I enjoy working in human services assisting people with different challenges, as well as doing business development projects. That’s why I am the Un-Retired Entrepreneur as work and play go together, and there is no reason or desire to retire.
Take a quick read of an article which I wrote not too long ago called Baby Boomers and Marketing. It will give you a few ideas of what is possible to utilize your skills, talents, and experience.
Determine what you most enjoy doing which benefits others by solving problems and being of service, and turn that into a profitable endeavor. With enough thought and research, this is doable.
For those who have an interest in Online Marketing Check Out My Review of this Training Program!
All the very Best,
Joseph
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Hello and thanks for the breakdown. These facts are pretty amazing and for those who have not prepared for this time in their lives is pretty sad. I have seen people at retirement age still working selling newspapers and being security guards. It is good while early in life to plan for those golden years. It is good to know however that there are online business programs like wealthy affiliate that can even help many at this age to start a successful online business.
Yes there are many challenges for people at this stage of life as most folks were not taught the importance and “how to” of financial planning. Many retirement problems are financial, but even people who are financially comfortable experience other challenges as well. Wealthy Affiliate is a solution for many in more ways than one.
I am not even at the stage of retirement yet, but I can definitely relate because my grandparents talks about being financially tight all the time and they can never go out, for fear of running out of money for important things, such as the groceries, or unexpected costs, like something wrong with the car or their house. Their pensions are definitely not enough because of inflation. And we are in Canada so the minimum having gone up does not help, as companies have to try and cover the costs by raising the prices of services or products.
My grandfather loves to write so I will definitely share this website with him so that he can learn valuable information on ways to cut down on costs and to earn more money online.
Thanks for your thoughts on this Reyhana. Here in the States I see so many folks who are not only financially challenged but have lost the spirit of adventure and not fully engaging in life.
I wrote a post here a couple of months ago on the Illusion of Retirement talking about when you find an interest for which you are passionate, you never want to fully retire. In my non-profit work I have a young client who has a disability and works at the local Senior Center. This is where I get to observe and speak to many retired folk and see the extremes of life engagement and levels of joy.
Since your grandfather loves to write and has a lifetime of valuable experiences to share which would benefit others, there are ways for him to increase his income while enjoying the process.
I am a baby boomer and I can honestly say that the majority of my friends are in the “baby boomer retirement crisis” that you have written about. I am in an awful job but am trying to hold on as long as I can because I simply can’t afford to retire yet. It was pretty scary when I signed up for Medicare and was hit with the added expenses of Medicare. I had no idea that it will take most of my social security income just to pay for Medicare. I’ve been paying into the system since I was 17 so it was a blow to realize the cost of insurance. My plan for my future is to not count on Social Security or Medicare but to be “un-retired” like you! I am a member of the Wealthy Affiliate group and am confident I can make a nice living with WA! Keep up your good work on informing baby boomers where they stand and what they need to do to live their golden years happy and secure!
Thanks for your comment and I look forward to your success.