AgentInvesting

How much retirement savings is enough?

Report shows sizable disconnect between expectations, reality

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Many people -- not just the baby boomers -- relied too heavily on home equity and certain investments to bank a return without actually considering what would happen if the world economy sank like a stone.Most did not save nearly enough cash. They relied too heavily on U.S. property appreciation and were lulled into the belief that the good life would always last. As a result of the global economic downturn, however, the use of retirement funds targeted for care-free leisure years had to be reworked by both individuals and professionals. Some nest eggs were lost altogether. The baby boomer generation never met a loan it didn't like. That cohort is now paying the fiddler. This generation, born between 1946-64, effectively changed everything it touched, starting with cars, jeans, ice cream, houses, home loans and health care.The oldest of the generation will be age 65 this year and the youngest of the generation will be hitting their 60th birthdays in the year 2024. According ...