Boomer-age caregivers may be hard-pressed to make ends meet when they retire—which is why they may not be able to soon, according to two new studies.

A study by Bankers Life and Casualty Company's Center for a Secure Retirement found that about three out of four middle-income boomers say that their financial situation, not age, will determine when they retire. The group looked at 500 people between ages 47 and 65 with incomes between $25,000 and $75,000.

Their nest eggs weren't sizable: More than half had saved less than $100,000 for retirement, while 19% had saved less than $10,000. Another 14% did not have a pension, 401(k), IRA or any other type of retirement savings account. Consequently, the majority felt that they were behind where they had expected to be at this point in their lives in retirement savings, and only 10% said they were confident that they had enough money to live comfortably in retirement.

Meanwhile, a study by J.P. Morgan found that even workers who did have 401(k) s were often "completely in the dark" about the state of their retirement finances and whether they were on track to reach their goals. Their study of 1,000 workers showed that nearly half were scared that they would outlive their retirement savings, while two-thirds didn't even know how much they should be saving. Moreover, "Americans are also dangerously underestimating how much money they will need in retirement," the company said in a news release. About 45% of those surveyed thought they would need less than 75% of their pre-retirement income for a comfortable retirement; J.P. Morgan says retirees need to replace at least 70%.

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