For middle-income Baby Boomers considering when to retire, age is not an issue. It's their financial situation that determines whether and when they'll leave full-time work behind.

The Middle-Income Boomers, Financial Security and the New Retirement study from the Bankers Life and Casualty Company Center for a Secure Retirement (SM) (CSR) found one-third of middle-income Boomers expect to retire after the traditional retirement age of 65 and 31 percent are uncertain at what age they will be able to retire.

CSR defines middle-income Boomers as between ages 47 and 65 with income between $25,000 and $75,000.

The study also found a majority of middle-income Boomers feel that they are behind where they had expected to be at this point in their lives in terms of saving for retirement and two in three (67 percent) thought that they would be in a better financial position for retirement than they are now.

"On the new road to retirement, the majority of Americans can now retire only when they feel they can afford to do so," said Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer. "Now is the time to examine your financial expectations for retirement and make adjustments that can help to improve your financial security and, ultimately, the enjoyment of your retirement years."

The study found that more than half of middle-income Boomers have saved less than $100,000 for retirement, 19 percent have saved less than $10,000 and 14 percent do not have a pension, 401(k), IRA or any other type of retirement savings account.

The ups and downs of the economy have caused women to rethink their retirement age more so than men and according to the study, they will rely more heavily on their financial situation to decide when it is time to retire.

Methodology

The Bankers Life and Casualty Company Center for a Secure Retirement's study Middle-Income Boomers, Financial Security and the New Retirement was conducted in March 2011 by the independent research firm The Blackstone Group. The complete report can be viewed at www.CenterForASecureRetirement.com

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Cash dictates retirement start for middle-income Boomers

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