[March 01, 2009] Regardless of age, 'boomers' aren't saving enough Tweet (New Haven Register (New Haven, CT) Via Acquire Media NewsEdge) Mar. 1--Baby boomers span a large age range, with the oldest turning 63 this year and the youngest turning 45, but regardless of age few boomers are saving as much for retirement as they had hoped to and some are delaying Social Security collections, according to a new MetLife study. The study, called "Boomer Bookends: Insights into the Oldest and Youngest Boomers," found that of those born in 1946, 2.7 million Americans -- about 20 percent -- have delayed collecting Social Security and just 19 percent have retired. Of those older baby boomers, 13 percent feel they have saved fully for their retirement while an additional 25 percent say they are on track to do so. About two-thirds of the oldest boomers remain in the work force and 50 percent of those work full-time. Almost 60 percent have provided financial help to their children or grandchildren, putting their own plans at risk. MetLife therefore cites an "unexplained contradiction" in noting that a "large portion," 24 percent, said they have no concerns about retirement. The youngest group of baby boomers includes 4.6 million people born in 1964, but the study found they would rather be labeled Generation X than baby boomers. They said they won't consider themselves "old" until they hit age 71; older boomers, meanwhile, consider 78 to be "old." Younger boomers typically want to retire by age 64 but believe they won't be able to until age 65, though they will not be eligible for full Social Security benefits until age 67, the study found. Just 36 percent of the youngest boomers said their retirement savings plans are on schedule, with many expressing concern about outliving their money. Unlike old boomers, who plan to rely on defined benefit pensions in retirement, younger workers expect to draw largely on the funds in their 401(k) accounts. The full study is available online at www.maturemarketinstitute.com. To see more of New Haven Register, or to subscribe to the newspaper, go to http://www.nhregister.com. Copyright (c) 2009, New Haven Register, Conn. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]