The New America Foundation’s panel today, “Averting a Bust for the Boomers: The State of Retirement Preparedness and How to Improve It,” blew up the popular image of baby boomers as healthy, wealthy and wise (at least about their finances).

Diana Farrell from the McKinsey Global Institute outlined the crisis many boomers will face due to their lack of retirement savings. For most members of the Silent Generation (born between 1925 and 1945) earnings and savings peaked in their 40s and 50s. There’s been no such savings peak for most boomers. (The McKinsey Global Institute report can be found here.)

More grave news: Boomers owe more per dollar of worth than the previous generation. That is, the ratio of their liabilities to their net worth is 1.5 times more for boomers than for members of the Silent Generation.

There are a few silver linings to these dark clouds. Sen. Herb Kohl (D-WI), who has introduced the Incentives for Older Workers Act, called for “common sense legislation” that abolishes barriers to work for older adults. For half of all Americans, working just a few more years past the traditional age of retirement will generate enough asset growth to keep them from running out of retirement savings, Kohl said. The panel also discussed mandated retirement savings for all workers and increases in the minimum age for Social Security benefits.