From the February 2008 issue of Boomer Market Advisor • Subscribe!

February 1, 2008

Early boomers doin' just fine

Is it possible the financial media overreacted to the plight of retiring boomers? Hard to believe. But Robert Powell, editor of Retirement Weekly, told MarketWatch recently that the leading edge of baby boomers is well-prepared for retirement. It's the second wave of the generation that is the well-publicized problem. In a radio interview, Powell said the portion of the boomer generation that has failed to save properly for retirement still has time to catch up, although statistics show that they're not necessarily trying hard to do that.

A recent release from Metlife's Mature Market Institute back Powell's assertion. The survey reports that the majority (77 percent) of boomers born in 1946 say they are in good to excellent health; their net worth (excluding home value) is an average of $257,800 and their average annual income is approximately $71,400. They are empty nesters; of those who have children very few have children living with them (fewer than one in five). Of those who have grandchildren, 8 percent have grandchildren living with them.

The Institute also reports that boomers, on average, say they will get "old" at age 78. Not bad for a generation that once called on each other not to trust anyone over 30.

For more on the survey, visit www.metlife.com.

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