Baby Boomers and retirement – it’s a tough subject for anyone in the financial planning business.

After working most of their lives, Baby Boomers want it all in retirement: travel, dining out, owning two cars and multiple homes. And they want to do this off of income generated by their investments.

Yet you’d be amazed how many people go to see an adviser with far too little in savings or investments to enjoy that sort of retirement. Even those people who have enough assets often have them allocated extremely poorly.

The hard truth is that, by your mid 50s or early 60s, you should have at least seven to eight times your annual salary tucked away if you want to maintain your current lifestyle in retirement.

I no longer give professional investment advice, but here are some of my thoughts on Baby Boomers and retirement.

Playing Catch-Up

Sadly, many Baby Boomers have spent everything forward. A recent survey from The Insured Retirement Institute found that six in 10 respondents said they had no retirement savings. They seem to have spent more time planning family vacations than their own golden years.

If that sounds familiar, it’s time to play catch-up. The chart below shows how much you’d have to save, starting at various ages, to retire with $1 million:

Fortunately, if you’re over 50, Uncle Sam does try to help a bit. If you have a 401(k) plan, save the maximum amount allowed by the IRS. For 2015, that limit is $18,000, with another $6,000 permitted in catch-up contributions. For traditional and Roth IRAs, the limit this year is $5,500, with another $1,000 allowed for those over 50.

Still, for many people, that won’t be enough to retire at 62, and they’ll have to keep working for several more years.

Many Boomers understand this. The survey from The Insured Retirement Institute found that 36% of respondents say they’ll retire at age 70 or older. That gives them additional time to accumulate wealth for retirement. And it will, of course, result in a higher monthly Social Security payment upon retiring.