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Near-Retirement Boomers Coming Up Short

On average, boomers only have one-third of retirement savings they'll need. Gen X isn't doing much better.

By Marlene Y. Satter | Updated on August 26, 2014
On average, boomers have only saved about one-third of what they'll need to cover expenses in retirement.

Baby boomers could be in for a shock. Although they’re the age group closest to retirement, according to a study of 401(k) participants by Natixis Global Asset Management, 33% of them have put away less than $50,000 for the big day, even though they said they’ll need a 401(k) balance of $805,000 to cover living expenses in retirement. 

On average, boomers have saved $258,898, only about a third of what they’ll need. Millennials — who appear to be underestimating their retirement financial needs because of their age, believing the magic number to be $822,000 — have already done better than that. They’ve got an average of $91,215 in their retirement plans and years of saving ahead. 

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