In April, 2024 study “The Peak Boomers Impact Study” by Robert Shapiro and Luke Stuttgen, finds that “A Majority of Peak Boomers Are Not Financially Prepared for Retirement”

Peak Boomers are the largest and final cohort of baby boomers, composed of 30.4 million in 2022, born from 1959-1964, that will turn age 65 from 2024 to 2030. The key findings are:

• 5% of peak boomers have assets of $250,000 or less and will rely primarily on Social Security for retirement income.
• 6% have assets between $250,000 to $500,000 and most will strain to meet their financial needs
• Median annual Social Security benefits for retired peak boomers will be $28,400 for men versus $21,400 for women with a median of $22,342
• Median home value is $156,000 but this equity does not pay the bills as most plan to continue to live in their homes
• 64% plan to be fully retired by 2030, when they will range in age from 66 to 71
• Median retirement savings have wide disparities:
  • $269,000 for men versus $185,000 for women
  • $299,000 for whites versus $123,000 for Hispanics and $49,000 for Blacks
  • $591,000 for college graduates versus $75,000 of high school graduates and $7,000 for those without high school diplomas

In a July 7, 2024 article by Sean Bryant “Retirement Planning: How Much the Average 65-Year-Old Spends Monthly”, he cites the Bureau of Labor Statistics. The average income of someone 65 and older in 2021 was $55,335 and average expenses were $52,141. Younger retirees between the age of 65 and 74 spent $58,440 annually vs $45,756 for those age 75 and older. This does not surprise me because there are 3 stages to retirement: The Go-Go Years when you are healthy enough to travel and pursue rigorous hobbies; The Slow-Go Years when you are not as healthy; and the No-Go Years when medical issues increase.

My recent article in the 7/03/2024 Ahwatukee Foothills News “Will you have financial freedom in retirement?” by Dr. Harold Wong covered how a 50-year-old couple with total wages of $150,000 annually, had two scenarios. One option would generate $80,548 of annual retirement and the second option would generate $268,099 of annual retirement income. The difference was huge. However, this article will focus on Peak Boomers whose household income is the median and those who have median assets. What solutions will increase their retirement income?

The number one solution is to work until age 70 and do not take your Social Security benefits until age 70. On average, you will receive twice the benefits at age 70 compared to what it would be at age 62. I recently met a single man who came to my office and had not earned more than $85,000 annually, but his Social Security benefits at age 70 were $50,000/year. Note that only about 4-6% wait until age 70 to take Social Security and only about 20% wait until age 66 or later.

Another strategy is to start a side business at least 5-10 years before you retire. Find something that is so much fun that you would do it as a non-paid hobby. For example, photographers can earn $2,000 or more to shoot a wedding. If you enjoy designing websites, it’s not unusual to earn $20-40,000 annually, even if you do it part-time.

Another strategy is to do the Airbnb short-term rental of a casita you add onto your home or even an empty bedroom. I have clients that earn anywhere from $12,000 to $50,000 annually, after all expenses. The revenue depends on how desirable your location is to business travelers and tourists.

To RSVP for the seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.

Dr. Wong earned his Ph.D. in Economics at University of California/Berkeley and has appeared on over 400 TV/radio programs.