The elder generation’s final segment — more than 30 million Americans — is quitting work for good. But unlike their older peers, this group isn’t as prepared for retirement.

The majority of so-called “peak boomers” have $250,000 or less in assets, according to a recent report, write Juliana Kaplan and Ayelet Sheffey. Still, that’s not stopping many of them from retiring, meaning they’ll eventually rely on Social Security as their primary source of income.

If you’re a bit surprised by the dire economic situation of peak boomers, I wouldn’t blame you.

For a while, we’ve heard about how good things are for boomers. They own homes either outright or with rock-bottom mortgage rates. Sky-high interest rates mean they can get decent returns on low-risk investments. And they’re sitting on mountains of cash.

That might be true for elder boomers, but not everyone is as fortunate. In fact, some boomers envision themselves having to work until the day they die.

One reason for the intra-generational disconnect: pensions. Older boomers had the benefit of employer-subsidized retirement plans before a shift in the workforce left younger boomers to fend for themselves.