Allstate Financial released the first ever Cost of Leisure Index today, which rates Baby Boomers’ most desired retirement activities and the amount they intend to spend on them. It shows that savings fall far short of expectations.

The survey found that the majority of Baby Boomers (63%) feel retirement will be the best years of their lives. “Baby Boomers are looking forward to an active retirement, full of the leisure pursuits that they currently enjoy today,” said Tom Wilson, president of Allstate Financial. “In fact, while in many instances surveyed Baby Boomers were accurate in estimating the costs for their favorite activities they are still not saving enough money to actually enjoy what they told us they want to do during retirement.”

The index revealed that surveyed Boomers anticipate spending approximately $10,900 (all figures in U.S. dollars) a year on having fun during retirement. When Baby Boomers are ready to retire, more than half of the survey respondents (55%) cited travel most frequently as their top-rated retirement pursuit. On average, Baby Boomers said they would take four trips per year, and spend about $7,700 on travel annually.

Survey respondents said they would need $40,900 per year in retirement, to cover the cost of their top-rated activities and basic living expenses. To have that, the average Boomer will need to have more than $1.2 million at the beginning of a 20-year retirement, factoring in a return on savings and inflation. But surveyed Baby Boomers, on average, have less than $120,000 in assets.

“While Baby Boomers know what they want to do in retirement, and in most cases have a realistic estimate as to the cost, the Retirement Reality Check survey found that there is a fundamental disconnect between what middle-income Americans expect out of retirement and what they’ll get if they don’t get help,” said Wilson. “Baby Boomers have terrific enthusiasm and vision when it comes to making their retirement the best it can be, and part of that vision should be a program to accelerate their savings, make a commitment to their future, and realize the rewards of their work.”