The Insured Retirement Institute (IRI) released new research indicating that during the past year, nearly 30 percent of baby boomers stopped contributing to a retirement plan, and 16 percent prematurely withdrew funds from a retirement plan. The recession and slow recovery are pointed to as the primary barrier preventing baby boomers from adequately saving for retirement.
Low and inadequate savings are currently pervasive among boomers, with a startling 22 percent having no retirement savings. Among boomers who reported a retirement savings level, nearly 40 percent have saved less than $100,000.
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