From the July 2010 issue of Boomer Market Advisor • Subscribe!

Ages 55 to 64 most aggressive time for retirement savings

MetLife recently asked pre-retirees a series of questions about how they would transition into retirement. They found that while overall preparedness is low, retirement planning is especially aggressive among boomers between 55 and 64. The report identified several steps pre-retirees need to take to determine if they're ready to retire. As expected, the closer boomers are to retirement, the more tasks they have completed.

More than half of respondents surveyed by MetLife for the "Retirement Readiness Index" said they were behind in retirement planning and one-quarter said they were "significantly behind." Thirteen percent went so far as to say they had no retirement goals and 7 percent haven't started saving.

But within five years of retirement, boomers have completed an average of eight tasks, compared with those between 6 and 15 years who have only completed five.

Over half of pre-retirees have thought about how much they'd like to work in retirement, and how to strike a balance between work and leisure. However, less than one-third of respondents have tackled more aggressive--and less fun--planning steps like looking into possible employment opportunities in retirement. Just 34 percent have developed a back-up plan to sustain themselves through an extended setback.

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