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Today, another 10,000 baby boomers will announce their retirement. They will have saved around $200,000 for their retirement, the median for their generation, according to the Transamerica Center for Retirement Studies. Using the 4% rule, their savings will yield an annual income of about $8,000. Their Social Security checks will add an average just over $19,900 for a total annual income of just over $27,900.

That is not much to live on. Medical expenses, which are likely to increase with age, could cost a retired couple more than $660,000 over their post-retirement lifetimes, according to a report from RBC Wealth Management.

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