Baby Boomers don’t have enough savings

A new study reveals women in the “Baby Boomer” generation have just two years’ worth of savings for their retirement.

The Melbourne Institute has also found that men in their late 50s have just five years of savings set aside for their retirement years.

As a result, report author Roger Wilkins says Australians need to consider delaying their retirement so they can save as much as possible.

“Later retirement both increases savings at retirement and reduces the number of years spent in retirement,” Wilkins told News.com.au.