Boomers ill-equipped for retirement, surveys find.(Advising Boomers)(American Association of Retired Persons)

National Underwriter Life & Health-Financial Services Edition, May, 2004 by Hersch, Warren S.

BOOMERS PLANNING TO HAVE enough funds for retirement are in for a rude awakening, according to 2 newly released studies.

The reports--one from the AARP's Public Policy Institute entitled, "Beyond 50: A Report to the Nation on Consumers in the Marketplace" and the other, an annual "Retirement Preparedness Survey" from Merrill Lynch--collectively portray boomers as lacking the resources and time needed to prepare for retirement. Many, too, have misconceptions about investment vehicles and how much money they'll need to have saved once they stop working.

"There's a lack of understanding among boomers as to how much they have to fund for their retirement," says Cynthia Hayes, first vice president, Employer Plan Solutions for the Retirement Group at New...

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