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New study shows retirement outlook change among Baby Boomers

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Middle-income Americans from the Boomer generation anticipate that their retirement experience will differ significantly from what their parents enjoyed. A study published by the Bankers Life and Casualty Company Center for a Secure Retirement looked at 500 middle-income Americans between the ages of 47 and 65.

Sixty percent of those interviewed stated that what they envy the most about their parents' retirement are pensions and guaranteed sources of income. Almost one out of three people worried about having to financially support at least one adult, while 15 percent expect that the person they'll need to support will be an adult child.

The president of Bankers Life and Casualty Company, Scotty Perry, stated, "The retirement of the Baby Boom generation will not only test the limits of government programs such as Medicare and Social Security, but also help shape the definition of retirement itself. Boomers may have to take more personal responsibility for their retirement financial security than was the case of their parents' generation."

The change in outlook of retirement is due to several factors, including the general cessation of corporate pension plans, employer-paid retiree health benefits and the uncertain future of Social Security and Medicare. Many seniors also have to take additional costs into consideration when planning their retirement, such as term life insurance rates.

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