Retirement Crisis Looms as 'Peak Boomers' Lack Adequate Savings

Over 30 million baby boomers, known as 'peak boomers', face financial insecurity as they retire with insufficient savings and pensions.

A significant portion of 'peak boomers' are entering retirement with less than $250,000 in assets, heavily relying on Social Security.
Women and minorities among 'peak boomers' are disproportionately affected, with lower median savings and higher risks of financial insecurity.
The shift from employer pensions to personal savings plans has left many unprepared for retirement, exacerbating the crisis.
Economic productivity and consumer spending expected to decline as 'peak boomers' reduce expenditures and exit the workforce.
Social Security system faces increased pressure as more retirees depend on it for a substantial part of their income.