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As of 2024, boomers are celebrating birthdays between the ages of 60 and 78.
This means they were born between 1946 and 1964.
Today, more boomers are retiring than ever before.
The Alliance for Lifetime Income (ALI)reportedthat 2024 marks the beginning of the Peak 65 Zone.
Its the largest surge of retirement-age Americans turning 65 in U.S. history.
Over 4.1 million Americans will turn 65 each year through 2027 thats more than 11,200 every day.
Healthcare Costs
Boomers must be prepared to spend a lot of money on healthcare costs in retirement.
This figure is up 5% from 2023.
Be sure to save early and often to prepare for increased healthcare costs as you age.
Social Security Uncertainty
Social Security serves as a lifeline for many retirees.
However, the fate of the Social Security system remains to be seen.
As per theSocial Security Administrations 2024 OASDI Trustees Report, the current reserves will become depleted in 2035.
Retirees should plan their finances now so they have alternate sources of income if the Social Security system collapses.
The good news is that today, inflation is coming down.
If you live in a high-cost-of-living area, you could be spending too much on housing.
Where you choose to settle inretirementcan mean the difference between being financially secure or not.
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