Baby boomers may be entering retirement in droves, but their lack ofknowledge about how well prepared they are—and how much expenseswill run once they’re out of the workplace—could sink their plans,as could their overall lack of preparation.

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That’s according to a survey from the IndexedAnnuity Leadership Council, which found that 60 percent ofrespondents believe they’ll need less than $1 million inretirement.

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Related: Market crash of 2008 still affectsboomers, Gen Xers

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That doesn’t seem all that possible when you consider thatexperts believe health care costs alone will run the averageretiree $250,000. While 27 percent of respondents said they’d needmore than $1 million, a disturbing 13 percent just flat-out didn’tknow.

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Asked how much the average Social Security benefit amounts to,31 percent didn’t know that either—the average check is $1,234,which certainly isn’t enough to see someone throughretirement—while 39 percent overestimated how much they’d get.

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Related: How inequality is affecting the loomingretirement crisis

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And considering that 18 percent of respondents said they hadnothing saved for retirement, while another 7 percent put thefigure at less than $5,000, that’s not a good sign. Particularlysince another 7 percent had only put by somewhere between $5,000and $24,999.

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Asked about their budgets and priorities for those budgets thattopped retirement, the majority cited paying off debt, at 52percent. They were allowed to choose multiple answers, and theydid; other priorities they saw as greater than retirement savingswere the following:

  • buying a car or house (16 percent)

  • travel (also 16 percent)

  • entertainment (7 percent)

  • college savings for their children (5 percent)

With all those competing needs, it’s fairly easy to see whyretirement gets short shrift. And it’s somewhat worrisome to seethat more than 40 percent of boomers put “lifestyle” purchasesahead of retirement.

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Respondents were also asked if they knew of retirement productsoutside of Social Security that can provide guaranteed retirementincome. While 50 percent said there were, 35 percent didn’t knowand 13 percent said there were not.

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