As baby boomers retire, many are unprepared financially due to reduced pension availability. With median retirement savings around $200,000, which isn't sufficient for 20+ years of retirement, many boomers find themselves cash-strapped given the average Social Security payment of $2,000 per month. However, a strategic switch to cash back credit cards can help improve their financial situation, providing a way to earn extra cash that can support their retirement lifestyle amidst these challenges.
The right cash back credit card can earn you hundreds, or thousands of dollars a year for free. Our top pick pays up to 5% cash back, a $200 bonus on top, and $0 annual fee.
Many baby boomers are retired or are on the cusp of retiring without enough savings. The Federal Reserve puts median retirement savings among boomers ages 65 to 74 at just $200,000.
It's easy to see why so many baby boomers are cash-strapped when you consider that the average retired worker on Social Security today only gets about $2,000 a month.
Boomers started their careers with the mindset that they'd be loyal to an employer, work there for decades, retire, and collect a pension.
Collection
[
|
...
]