Another Report Shows How Far Behind the Baby Boomers Are on Retirement Savings

Many Americans have a certain vision about what their retirement will look like: Some picture a life spent pursuing their passions and hobbies. Others hope to travel, or spend more time with family. For some, the "what comes next" part is more vague -- the aspect they're looking forward to is that day when they're finally able to put the daily grind behind them.

The problem -- and it's a big one -- is that retirement costs money. In fact, the average American senior citizen spends between $36,000 and $48,000 a year, according to Bureau of Labor Statistics data. That's a major problem when you consider that the average American only receives an average of $1,408 per month -- $16,896 per year -- in Social Security.

Basically, if you want to retire and maintain some semblance of your current standard of living, you'll need to save and invest for years beforehand to pay for it. That's going to be a problem imminently for many Baby Boomers: On average, people born between 1944 and 1964 report that their savings levels are well below what's recommended, according to a new survey conducted by Clever, a website that helps people buy and sell homes.

Source Fool.com