Survey: Boomers Face $291K Retirement Shortfall

Survey: Boomers Face $291K Retirement Shortfall

Non-retired Baby Boomers (ages 59-77) believe it will take $924,897 to retire comfortably, yet they expect to save $633,401 — a shortfall of $291,496, according to the Schroders 2023 U.S. Retirement Survey.

Yes, but: Gen Xers (ages 43-58) face a potentially larger savings gap.

  • They believe it will take $1,112,183 in savings to retire comfortably.
  • Yet they expect to have just $661,013 saved — a savings gap of $451,170.

What they’re saying: “As the first generation to head into retirement without the safety net of a pension plan, the stakes are higher for Generation X and the margin for error is lower,” said Deb Boyden, Head of U.S. Defined Contribution at Schroders.

  • “Not only are Gen Xers facing a formidable savings gap, but our findings also suggest a knowledge gap is a formidable headwind that’s threatening to prevent many from reaching their dream retirement.”