Typical baby boomer workers have no idea how much they need to save to generate the amount of income they would like to collect when they retire.
Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, Germany, has published that finding in a summary of results from a survey of 3,200 Americans ages 44 to 75 conducted in May.
Allianz defined all of those survey participants as boomers.
About 36% of the survey participants said they have no idea if their retirement income will last through retirement, Allianz says.
Half of the participants said they would need an income of $59,000 per year to live comfortably in retirement.