Just like generations before them, the baby boomers are not one group, but many. Are they financially ready for retirement? A review of the likely income and expenditure data for baby boomers indicate that some are well-prepared financially for retirement, some are not, and for many, retirement preparation is still a work in progress. This article also highlights the importance of Social Security and Medicare for about half of the retired population, and the need for proposed policy changes to recognize the critical role these programs play in the lives of retirees. [ABSTRACT FROM AUTHOR]
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