Many baby boomers have not adequately saved for retirement and will rely on social security benefits that average around $21,000 per year. Over 40% of Americans aged 55-64 had no retirement savings in 2022, while 30% of those over 65 have incomes lower than $27,000 per year. Millennials and Gen Z adults are experiencing financial and time strains due to the responsibility of caring for their aging parents. Approximately 23% of Americans find themselves in the "Sandwich Generation," balancing support for both their young children and parents over 65, often leading to reduced work hours or significant annual spending on elder care.
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00:00 It's Benzinga and here's what's on the block.
00:02 Many baby boomers have not adequately saved for retirement and will rely on social security
00:07 benefits that average around $21,000 per year. Over 40% of Americans age 55 to 64 had no
00:14 retirement savings in 2022, while 30% of those over 65 have incomes lower than $27,000 per year.
00:21 Millennials and Gen Z adults are experiencing financial and time strains due to the
00:26 responsibility of caring for their aging parents. Approximately 23% of Americans find themselves
00:32 in the sandwich generation, balancing support for both their young children and parents over 65,
00:37 often leading to reduced work hours or significant annual spending on elder care.
00:41 This is a shortage of nursing home facilities and staff in the U.S. More government funding will be
00:46 needed to support the large retired boomer populations need health care, social security,
00:51 and Medicaid. This could slow U.S. economic growth. For all things money visit Benzinga.com