Some Boomers Set, Others Not for Retirement

Olivia Mitchell, a professor at the Wharton School of the University of Pennsylvania and executive director of the Pension Research Council says äóìboomers are not all created equal.äó According to Mitchell, many older boomers still have a defined benefit pension plan, probably some decent retiree medical insurance and Social Security. And that is good. But only for some.

In an AP/Life Goes Strong poll, 83 percent of boomers polled said they do not have long-term care insurance and many of the nationäó»s 77 million baby boomers are worried about being able to pay their medical bills as they get older. Unfortunately the cost of long-term care insurance policies rise as one ages.

äóìItäó»s a tough sell,äó says Paul Fronstin, director of health research and education at the nonprofit Employee Benefit Research Institute, speaking to the Associated Press. äóìEven someone in their 60s might look at it and say itäó»s going to be 20 years before I need long-term care, so why buy it now.äó
  • Only 40 percent of boomers polled said they had a legal will.
  • Thirty-four percent had health care proxies and living wills.
The poll was conducted from June 3-12 and involved online interviews with 1,416 adults, including 1,078 baby boomers born between 1946 and 1964.