Other information from the "Boomer Expectations for Retirement" study include:

The recent recession has had a significant impact on boomers' thoughts on retirement savings and income. Nearly half of the survey respondents reported that recent economic changes made it more difficult for them to pay for essential items, and one-third stopped contributing to a 401(k), IRA, or other retirement accounts.
More than one-third of pre-retirees indicated that they did not know the age at which they would retire.
Three out of 10 boomers who are uncertain as to when they will retire are concerned about having sufficient assets.
Many boomers expect to work during their retirement. More than half (57 percent) of pre-retirees expect that pay received from employment during retirement will represent a source of income.
While two-thirds (61 percent) of boomers indentified a specific age at which they plan to stop work completely, nearly a quarter of them chose an age that does not make them eligible for full Social Security benefits.
Forty-one percent of boomers view Social Security as a major income source during retirement, while 43 percent stated that it will only provide a minor source of retirement income.
Only one-third of boomers expect personal savings and investments to play a major role in generating retirement income, a statistic that is consistent between younger and older boomers and indicates a strong, addressable market for individual retirement products.
More than half (57 percent) of pre-retirees expect that pay received from employment during retirement will represent a source of income.
Nearly 8 in 10 Boomers who own annuities have a higher confidence in funding long term care needs, with 86 percent stating they expect to live comfortably in retirement.

Instant Insights /

One-third of retirees unsure of retirement age

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