by russkamp

How Can That Be?

In an article on CNBC’s website, it was reported that Americans are increasingly optimistic about their financial future. This information is based on a separate report by Allianz Life, with nearly three-quarters of boomers saying that they feel financially prepared for retirement.

However, Boomers have a median retirement savings of just $175,000 while only a third have more than $250,000, Allianz said.

To make matters worse, 63 percent of Americans fear running out of money in retirement more than death! So how is it possible that nearly 75% feel financially prepared? Furthermore, the Boomer generation, particularly older Boomers, had greater participation in traditional DB plans. Millennials have very little exposure to DB Plans, and they must now rely on their ability to fund, manage, and disperse proceeds from a DC plan. No easy task for a majority of Americans.