Boomers setting to retire \'supposedly\' in good shape :)

Boomers setting to retire "supposedly" in good sha...	meg-abear	NEW 1/11/2008 9:39:56 AM
Thisarticle is interesting for a couple of reasons. First they list theretirees net worth then they mention that fully half of that supposedlynet worth is potential social security payments. Most, if not all ofthe rest, is the value of their house. They sure sound in good shape tome! What is hilarious, is the article shows a picture of a happyAsian couple alongside the title. Given that Asians make up about 3-4%of our population, and that boomer-retirement Asians make up anminiscule number; I find it ironically funny that they use a photo ofAsians. No doubt, the Asians will be retiring a lot happier than mostAmericans; did the writer have a sense of humor? EXCERPT: by Robert Powell Friday, January 11, 2008provided byBankrate Breathea sigh of relief. The nation's leading-edge baby boomers -- about 3million strong -- are turning 62 this year and, contrary to popularopinion, they are not in desperate straits. In fact, Americansborn in 1946 are in relatively good financial shape and seeminglyentirely different from other boomers. Maybe that's because only 2% ofthem report that they attended Woodstock. Consider, forinstance, some highlights from MetLife's Mature Market Institutejust-released study of boomers turning 62. The majority are in goodhealth; 77% report being in good to excellent health. They haverelatively good income, $71,400, which is a tad more than the averagehousehold income in America. More from Bankrate.com: • Reluctant retirement savers may be scared straight by these stats • Eleven retirement-planning moves that will set up a good 2008 • Outlook for 2008 signals need for new fixed-income strategies Theyhave a decent net worth; $550,000 including the value of their homes.(The average retiree, by the way, has just about $254,000, excludingthe net present value of Social Security, in net worth, according to aBoston College Center for Retirement Research study.) Nearlyhalf have a traditional pension plan, 50% have a 401(k) and 50% have anIRA. Nearly 70% have employee or retiree health insurance. And about athird have long-term-care insurance. But what's especiallytelling about this group's financial health is this: While roughly 80%of Americans take Social Security at age 62, this group -- whichincludes such well -known Americans as Jimmy Buffet, President GeorgeW. Bush, former President Clinton, Sally Field and Diane Keaton -- willnot. Just one-third said they plan to take Social Security when theyturn 62; the rest plan to take Social Security at age 65 or later.Oldest Boomes More Set for Retirement than Thought