A report by the National Center for Policy Analysis investigated how much baby boomers are spending on things like education and clothing and how that has changed over the past 20 years.

"For a number of years now, retirement and financial experts have bemoaned the fact that baby boomers and others who should be thinking about retirement saving are nowhere near ready to retire," Pamela Villarreal of NCPA said in the summary of the report. "Some blame the failure of 401(k) and Individual Retirement Account (IRA) retirement plans to fill in the gaps left by elimination of corporate pensions. Others argue that American adults of all ages are simply not saving enough."