Daily Money - Will You Join the Retirement Wave?

Have you heard of "peak 65"? As the last of the boomers approach retirement age, the U.S. is preparing for a giant wave of people to turn 65. According to a new ABC News report, over 4 million Americans will hit that milestone each year between now and 2027. That works out to roughly 11,200 people every single day.

For context, that’s:

• more than five times the amount of people who can fit into the Gershwin Theatre, Broadway’s largest theatrical venue.
• 174 more people than can be seated in George M. Steinbrenner Field, home to the New York Yankees during spring training.
• and 1,200 more people than can fit into Royal Caribbean’s Icon of the Seas, the world’s largest cruise ship.

And while the implications for the job market will certainly be wide-ranging — including incredibly high vacancies in industries like health care and education — for soon-to-be retirees, the focus should be on shoring up their nest eggs. One way to achieve that is by considering blended income strategies that include a combination of annuities, defined contribution plans and individual retirement accounts (IRAs) in order to ensure your money will stretch far into your golden years.

— Jordan Chussler, investing and banking editor

When you ask Americans how much money they think they’ll need in retirement, the average answer is a whopping $1.8 million, according to a new study from Charles Schwab. That figure’s unchanged from last year, but it's up $100,000 — or 5.88% — from 2022’s average prediction of $1.7 million.

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