One-third of baby boomers had nothing saved for retirement at age 58

Retiring baby boomers will more than double Medicare and Medicaid costs by 2020, according to industry data.

Thomas M. Barwick | Getty Images

Retiring baby boomers will more than double Medicare and Medicaid costs by 2020, according to industry data.

Many baby boomers are headed for an uncertain retirement.

These generation members hold less wealth, are deeper in debt and will face higher expenses than retirees a decade older than them, according to a new report by the Stanford Center on Longevity.

Nearly one-third of baby boomers had no money saved in retirement plans in 2014, when they were on average 58 years old, according to the researchers. (They analyzed data at various ages using multiple nationally representative surveys.)

Among boomers with positive balances, the median savings was around $200,000. Experts have said people may need a nest egg of more than $1 million to carry them through a 30-year retirement.

There are currently more than 70 million baby boomers — the generation defined by people born between 1946 and 1964 — in the United States, according to the Pew Research Center.

That many people could exit the workforce unprepared, the researchers note, could have profound consequences for the well-being of these individuals and society. “Boomers who run out of funds towards the end of life will either fall back on children, who by then will be in their 50s and 60s, or the social safety network,” said Jialu Streeter, a research scientist at Stanford.

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