Over the next few years, more than 4 million Americans will reach the age of 65 each year, according to a study from the Alliance for Lifetime Income and the Retirement Income Institute. But is this demographic, deemed “peak boomers,” ready for retirement? The study revealed that more than half (52.5%) of baby boomers nearing the age of 65 have less than $250,000 in assets for retirement.
Even if you have millions saved, you can still fall victim to financial mistakes that can eat into your retirement savings. Whatever your portfolio looks like right now, avoid these traps if you’re preparing for retirement in 2026.
