Baby Boomers Have $525,000 Average Retirement Savings Shortfall

Baby Boomers average $525,000 in retirement savings, but they are $1 million short of the $1.6 million target identified in a Schwab survey. Generation X has an average 401(k) balance of $215,600 and 25.9% of them have outstanding 401(k) loans, impacting their retirement savings. Social Security replaces only 40% of pre-retirement income, prompting many to work longer or save more. The median retirement savings for Boomers is $270,000, while Gen X women hold just $77,000, highlighting significant disparities in retirement preparedness.