Few things are more devastating for retirees than outliving their savings, but that is the projection for much of today’s workforce.
According to a report by the Morningstar Center for Retirement & Policy Studies, 45% of current employees who retire at 65 risk running out of money, with single women, Hispanic and Black Americans and low-income workers being at higher risk than others. The numbers among those closest to retirement are even more dire: The center’s research projects that 53% of baby boomers and 47% of Gen X will come up short, since they have less time to pad their savings.
