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On average, boomers have only saved about one-third of what they'll need to cover expenses in retirement.

Baby boomers could be in for a shock. Although they’re the age group closest to retirement, according to a study of 401(k) participants by Natixis Global Asset Management, 33% of them have put away less than $50,000 for the big day, even though they said they’ll need a 401(k) balance of $805,000 to cover living expenses in retirement. 

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