More than 4 million people will turn 65 — a common retirement age — in 2024, and they face some pressing challenges.
You may know that according to the Chinese zodiac, 2024 is the Year of the Dragon. It’s also the year of the African violet, according to the National Garden Bureau and the International Year of Camelids per the Food and Agriculture Organization of the United Nations. (Camelids is a category of mammal including camels, llamas, alpacas.) News media are starting to report on another designation for 2024: It’s the beginning of the “Peak 65” zone, when millions of Americans are retiring. Here’s a closer look at the Peak 65 phenomenon and what it may mean for you. Meet Peak 65 — the “silver tsunami” The Alliance for Lifetime Income (ALI) recently released a report detailing the “Peak 65 Zone,” the period between 2024 and 2027 that will see record levels of Americans turning 65 and hitting a common retirement age. Specifically, about 4.1 million Americans will turn 65 this year, more than 11,000 each day, and that level should continue for a few more years. By 2030, a mere six years from now, all baby boomers — those born between 1946 and 1964 — will have turned 65. As you might have guessed, the ALI is concerned with retirement income, and it has offered some sobering statistics for those in around the Peak Zone: What those retiring in 2024 or in the coming years should know Those are some scary statistics. If you are worried about your retirement being at risk, here are some important things to know: Source Motley Fool