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Boomers feel their retirement plans will differ vastly than their parents

07/22/11

A vast majority of American Baby Boomers believe that their retirement futures will be tremendously different than their parents lives were, according to a study by The Bankers Life and Casualty Company Center for a Secure Retirement.

The Middle-Income Boomers, Financial Security and the New Retirement, study found that 60 percent of those surveyed felt pensions and guaranteed income are what people most envied about the generation that came before them. In order to expand upon an individual's financial security after they stop working, an annuity can help provide some of that guaranteed income this section of the public so drastically craves.

The survey questioned individuals who are aged 47 to 65 and make between $25,000 and $75,000 a year. In addition to seeing their financial futures very differently than their parents did, the survey found that people are less concerned about being taken care of and slowing their lives down. Instead, they are interested in keeping up with technology, working and staying physically fit, the latter being the most important.

Additionally, the study shows that one in three Americans approaching retirement believe they will have to be financially responsible for another adult during retirement, and 15 percent expected that would be an adult child.

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