RedwoodAge.com

Even those lucky boomers with some bucks in the bank are worried they may go broke before they die.

A survey that focused on boomers with $100,000 to $500,000 in investable assets found that 67 percent thought they could run out of money during their lifetime. Just over half of them said they're planning for the future, but aren't sure that will be enough.

"Given the size of the baby boom generation, it is astounding they feel this uncertain at this point in their lives," said Marc Vosen, president of Key Investment Services. The survey was sponsored by KeyBank and Zogby International.

"Boomers have a yin-yang philosophy about their money," he said, noting that affluent boomers in the survey say they're trying to save money, but show few signs of actually doing it.

For example, 82 percent of those in the survey say retirement planning should start by age 30. But only 5 percent said they would review their finances with an outside expert on a regular basis. That compares with 42 percent who say they get regular physicals, and 25 percent who often get their cars checked by mechanics.

"There's conflicted confidence in what boomers say they are doing, what they actually are doing, and consequently, there's a real concern about how financially prepared they are for retirement," said Vosen.

Retirement Delayed
About 35 percent of the boomers said they're reconsidering their planned retirement age. Of those, 77 percent are delaying their retirement. Most of those putting off retirement are doing so because they believe they need to save more (42 percent) or because they're worried about rising health care costs (41 percent).

The findings parallel the results of numerous other studies. Another recent study found that 90 percent of small business owners plan to work longer because of soaring retirement costs. And other aging experts have expressed concern that poverty may become the new face of aging in America as the number of people eligible for pensions continues to fall just as 78 million boomers - now aged 44-62 - are set to retire.

Boomers may be lagging on retirement planning because of more immediate concerns, according to Vosen. Asked "what keeps you up at night," the group mentioned health care coverage, caring for aging parents, job security and energy costs before getting to retirement savings.

Asked what TV reality show best reflects their retirement planning efforts, 42 percent chose "Survivor."