The average Baby Boomer is about a half-million dollars short on retirement savings, according to a new survey by TD Ameritrade.
And almost three-quarters of Boomers -- 74 percent -- will rely heavily on Social Security for a big chunk of their retirement income. That's scary news, given that the average Social Security check is only $1,230 a month.
No wonder so many people are retiring later in life. The percentage of workers 65 and older rose has risen by 4 percent in the past two decades. Workers 65 used to comprise 12 percent of the workforce in 1990. Now they represent 16 percent, according to 2010 Census data. (Of course, the general population is also getting older, fueling this trend).
Are you a Boomer? Feeling underprepared? Learn about how to plan for retirement in this post, 7 Retirement Tips for People Getting a Late Start
Source USA Today