Shaky retirement outlook for baby boomers unable to rely on bond income

Cost of College

A financially uncertain retirement looms ahead for many baby boomers, even for the few who have managed to put away at least $1 million in savings.

A MILLION dollars isn’t what it used to be.

That’s the message of a New York Times piece detailing how millionaires may not be living the high life as retirees.

… $61,000 or $71,000 a year — the combined Social Security and cash flow from the $1 million portfolio — isn’t likely to be enough for most people who have grown accustomed to living on $150,000 or more a year….

Without another source of income, perhaps from traditional pensions from either or both spouses, he adds, a household like this won’t come close to replacing 80 percent of its pre-retirement income — often considered an acceptable target level.

Of course, retirees from the lower end of the wealth spectrum will be the ones dealing…

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