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Baby Boomer Talks About Lagging Behind in Retirement

Baby boomers learn about saving for retirement.

Posted: Dec. 5, 2018 11:09 PM

ROCHESTER, Minn. -- The majority of baby boomers do not have enough in savings for retirement -- that is according to the Stanford Center on Longevity and the consulting firm Aon.

A handful of baby boomers decided to take action by attending a class on how to maximize their retirement income. They learned how to apply for benefits, when they should delay benefits and how to enroll in social security.

One person in attendance, Ernie Hein, says he and his wife should have started saving much earlier.

"We did not start saving the right way as early as we could have," Hein said. "We put money in a savings account but that did not have huge interest gains. We did not take advantage of the 403s or 401s until much later."

Fidelity Estimates says that baby boomers save only 9.7 percent of their income for retirement, which is below the recommended 15 percent.

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