A 2006 survey conducted by the Employee Benefit Research Institute* found that only 24% of Americans are very confident they will have enough money to live comfortably in retirement. In addition, 14% of current workers believe they will need less than 50% of pre-retirement earnings to maintain their standards of living in retirement, and an additional 36% project their needs will be 50% - 70% of their current incomes. However, 62% of current retirees report that their needs equate over 70% of their pre-retirement incomes.

As is true of every generation facing the retirement planning process, baby boomers should have a disciplined savings and investment program in place. If you're a baby boomer, keep in mind that periodic or haphazard saving may be counter-productive. With a commitment to success and a scheduled plan, you can work toward building the necessary retirement fund to secure your own financial future.

^*Source: Retirement Confidence Survey, Employee Benefit Research Institute, 2006.