Boomer Statistics

Sometimes it's interesting to read some of the statistics that are out there regarding the Baby Boomers, of which I am one. Experts say boomers are redefining life as well as retirement. We do things our way. But is that good?

Here are some of the numbers.

• According to the Dept of Labor, the average baby boomer has less than $50,000 saved for retirement.
• Age 70 to 75 may become the new age for retirement
• From Boomer Market Advisor, a lifestyle survey in 2007 showed the following:
• 24% prefer to be contacted by email, 34% by cell phone, which is also their preferred communication outside of work
• 47% indicated they had any financial discipline
• 53% were concerned about changes to Social Security
• 55% were concerned about changes to Medicare
• 40% were concerned about effects of inflation
• 68% have a certain degree of denial and believe they will be able to lead a comfortable lifestyle in retirement
• 51% feel spending time with their family will be their most important activity in retirement, with 12% indicating travel as most important
• 50% of boomers have a will
• 37% of boomers have a living will and healthcare directives
• 16% have a formal written financial plan

I hate to say it, but it looks like some of us have our heads in the sand.