About 20 percent of Americans who are nearing retirement age have delayed calling Social Security and few are fully retired. Only a very small amount has enough saved and many are concerned with health care coverage. About 60 percent of older baby boomers will continue working at least part-time in order to keep their health insurance and to make ends meet. Many feel obligated to provide assistance to their children and grandchildren, jeopardizing their own financial stability.

The younger group of baby boomers, also known as Generation X, would like to be able to retire by age 65, though they are not eligible for full social security benefits until age 67. Only about 1/3 believes their retirement plans are on schedule to provide financial stability for their retirement years.

With the condition of our economy, people nearing retirement age are limited on time to play ?catch up? and recover financially while the younger group really needs to focus on saving more. Too many people are dipping into their retirement savings to help support their adult children and grandchildren.

Michael McGee provides financial planning, retirement planning and financial advice to people of all ages and income levels, including young families, business owners, entrepreneurs and more. Michael can help you with everything from college planning to retirement planning, establishing a 529 college savings plan, traditional IRA, Roth IRA, SEP IRA, 401-K, family savings and more. For more information, visit http://financialplanningwaynecounty.blogspot.com/