Baby Boomers Need Far More Money in Retirement Than They Think

Baby boomers will need far more money in retirement savings than many of them believe, and generally prefer many major metropolitan areas to retire to. This is according to a new survey by Provision Living Senior Communities with over 2,000 respondents in an attempt to determine the ideal retirement scenarios for American seniors.

Other highlights of the information gleaned by the survey includes seniors’ ideal retirement age, most popular foreign country to retire in and various lifestyle questions. Respondents include members of both the baby boomer and millennial generations.

When asked about the ideal amount of money to have saved for retirement, boomers and millennials came in with different overall totals — $574,000 for boomers and $687,000 for millennials — for an average ideal savings of $610,000. This does not correspond with the amount of money either generation actually believes they’ll have saved, though.

“Realistically, the amount our survey respondents expected to have saved by retirement is $276,000,” the survey results read.

According to the survey, the number one American city ideal for retirement among respondents is Miami, Fla. The rest of the top five include San Diego, Calif.; Denver, Colo.; New York, N.Y.; and Orlando, Fla. The ideal home for retirees according to the survey is “a one-story ranch in a coastal or beach setting,” with millennials preferring more space (1,890 square feet) than Boomers (1,510 square feet).

52 percent of those surveyed revealed that they think about retirement four or more times per week. The ideal retirement age for boomers is 64, while for millennials it’s much younger at 56. When asked about whether they would prefer to retire domestically within the United States or in another country, a clear majority of 78.7 percent revealed they wanted to stay within the U.S., with only 21.3 percent preferring to retire outside the country.

Read the full survey results for more information.

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