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A sizeable number of boomers have either reached or are approaching the retirement years “having failed both to plan adequately and save enough” new research shows, writes Rebecca Moore for Plan Advisor.
The study was released by the Insured Retirement Institute (IRI), in conjunction with National Retirement Planning Week, she writes. It reports that 42 per cent of boomers have no retirement savings, and among those who do, 38 per cent have less than $100,000 saved for retirement.
The study also found that 46 per cent of boomers believe they will need $45,000 (in current dollars) or “more in annual retirement income,” continues Moore.
More: Lifetime annuity paying $28,152 would cost about $430,000, “far more than most Boomers have saved.”

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