Boomers More Than $400,000 SHORT On Their Retirement Goals!

As if we needed more proof that Boomers are woefully unprepared financially to retire, this article comes out of the Canadian Press which talks about the struggles of those in Canada (actually worse in the U.S.) ...Dennis

Boomers missing their retirement targets

The outlook for the future of Canada's Baby Boomers hasn't been good for a while, but a couple of recent studies seem to add more evidence to the case that they will find themselves in financial straits when they come to retire.

The BMO Wealth Institute found that Baby Boomers are significantly unprepared financially for retirement. On average, Boomers are more than $400,000 short of their individual retirement savings goal.

This is particularly concerning given that the oldest of the Boomer generation - those born between 1945 and 1964 -- turned 65 three years ago and many others are just a few years away from retirement.

Another study by the Canadian Payroll Association (CPA) said the long-term financial outlook for many Canadians is troubling because there is "a huge gap" between how much money people they say they will need to retire and how much they are actually saving for retirement.

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