The peak boomer generation is facing financial fears about retirement. A 63-year-old woman from the USA is therefore forced to work until the end of her life.

The so-called “peak boomer” generation in the United States, those born between 1959 and 1964, are increasingly concerned about their financial future in retirement. According to a report by Business Insider, many of these people are forced to work until the end of their lives because their savings and state social security are often not enough to finance their living after working life.

One example is 63-year-old Diane Senffner from the USA, who had to close her small business due to the corona pandemic. She was unable to find a new source of income for about two years and had to rely on her savings and her 401(k) – a form of company pension plan in the US.

Your savings after the Corona years have now been exhausted, reports Senffner. “I was someone who was doing really well and it’s very discouraging because I have no idea what’s going to happen with retirement. “My husband and I are both a year and a half away from retirement, but I think I’ll probably have to work until I die because there’s no money,” she told Business Insider.

A recent report from the Alliance for Lifetime Income’s Retirement Income Institute shows that this problem is not limited to isolated cases like Senffner’s. The so-called “peak boomers”, with around 30 million people, are part of the largest and last group of the baby boomer generation to retire.

The report found that 52.5 percent of peak boomers in the U.S. have assets of $250,000 or less. This could result in many Americans depleting their savings before retirement and having to rely on Social Security benefits later.

But for many people, even social security benefits do not seem to be sufficient to cover ongoing costs. Predictions suggest that the Social Security Fund could be depleted by the end of the 2030s without legislative action, Business Insider reports. This further worries many “boomers”.

Senffner is “very worried” about this – she would receive around 1,800 dollars (around 1,670 euros) per month from the statutory pension insurance. However, that would not be enough to pay their rent, food and medicine. “It’s simple math,” Senffner told Business Insider. “We’re talking about a retirement where you need at least $4,000 a month just to cover expenses. Only the statutory pension insurance will not cover this.”

The “peak boomer” generation also faces major challenges in the labor market. Despite years of professional experience, many have difficulty finding full-time positions. “If you’re my age and you have a job, you should stay there because no one will hire you anymore,” Senffner told Business Insider. “Everyone my age is a little worried right now.”

In Germany, too, employees have to work long hours in order to receive a sufficient pension. In order to receive a pension of around 2,000 euros per month, you have to earn around 4,500 euros gross per month in Germany – for 45 years.

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