Why Boomers Can't Quit - The Future of Work - TIME - 0 views
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Leslie Camacho on 20 May 09Even before the financial crisis, many baby boomers hadn't saved enough for retirement. Then stocks plummeted. In 1998, the average 50-year-old who had been working for at least 10 years had a 401(k) balance of $85,000, according to the Employee Benefit Research Institute. Factor in the recent market drop, and more than a decade later, that worker's 401(k) has grown to just $93,000. In short, we keep getting older, but our 401(k) balances, they stay the same.