The average baby boomer says they only need about $990,000 to retire comfortably, compared to the average desired retirement savings of $1.46 million across generations.
Unfortunately, there's a significant gap between what has been saved and what generations think they'll need, with the average saved amount at $88,400, $1.37 million short of their target.
Only half of Boomers and Gen X believe they will be financially prepared for retirement, with many having not taken steps to address potential outliving of savings.
There are various strategies available to boost retirement savings, including maximizing 401(k) contributions and, for the self-employed, setting up a Solo 401(k).
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