Here's how much the typical American baby boomer has saved for retirement — how do you stack up?

Core Insights - The postwar baby-boom generation, approximately 71.6 million individuals, began reaching retirement age about a decade ago, with full retirement age expected to be achieved in another twelve years [1] - The average retirement savings balance for this generation is reported at $333,940, translating to an annual income of $13,357 or $1,113 monthly, which may not be sufficient for a comfortable retirement [1] - The median retirement balance among households is significantly lower at $87,000, indicating a disparity in retirement savings [2] Financial Strategies - A significant portion of retirement savings may be diminished by income tax, highlighting the need for effective financial planning [3] - As of 2021, only 36% of non-retirees felt their retirement savings were on track, suggesting a widespread need for financial advice [4] - Engaging with a financial advisor can provide tailored strategies to improve retirement savings and investment safety [5][6] Family Considerations - Retirement savings not only impact the individual but also their loved ones, particularly in relation to medical and end-of-life expenses if life insurance is not in place [8]