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Article: Allstate Financial 'Retirement Reality Check' Reveals Financial Crisis for Baby Boomers Heading into Retirement.
- Article from:
- PR Newswire
- Article date:
- November 27, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NORTHBROOK, Ill. -- America's largest generation ever may be headed for a financial crisis, as Baby Boomers have saved, on average, only 12 percent of what they believe they will need to meet basic living expenses during retirement. In addition, unless Baby Boomers address this challenge, they will be burdened with significant debt and financial obligations in retirement, and are relying far too heavily on Social Security.
(Photo: http://www.newscom.com/cgi-bin/prnh/20011127/CGTU010 )
These were among the sobering conclusions in the Allstate Financial "Retirement Reality Check" survey, released today.
"This is a call to action for a generation ...