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Baby boomers are starting to reach retirement age, and as they have done at each check point in their lives, this generation is changing up the idea of retirement. These boomers are not settling for a relaxed life in a southern state, but are keeping up with their careers or looking to fulfill lifetime dreams. However, these individuals are not exactly prepared for retirement and its expenses.
The Employment Benefit Research Institute reported that 35 percent of those in retirement are completely dependent on Social Security benefits to survive, and only about half of the other 65 percent have savings of $50,000 or more.
"Baby boomers generally have higher income goals in retirement than their parents," said a financial adviser Kenneth Siebenmorgen. "They want to travel, see their grandkids, explore things and places they have read about. Their parents were more satisfied with staying home, and involving themselves in fishing and playing golf on a local course."
One of the biggest problems surrounding baby boomers is starting their planning late, so they are unsure of how much it will cost in order to survive. A 2010 MetLife Annual Survey of Employee Benefit Trends showed 62 percent of younger baby boomers and 60 percent of older boomers felt they were behind in their retirement planning.
"Most individuals underestimate what they will need or what they will want to live on in retirement," said Siebenmorgen. "There are costs for basic needs that will continue to increase even when they retire – gas, food, taxes, insurance."
While baby boomers reach retirement age, they may want to think about their personal health. Setting up a Medicare supplement insurance plan can help keep the senior and his or her family protected in the event of an unexpected medical condition.