Retirement concerns plague baby boomers

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NEW YORK, May 25 (UPI) -- Surveys show significant numbers of U.S. baby boomers are nearing retirement with serious financial concerns.

The 2010 Retirement Readiness Ratings survey taken by the Employee Benefit Research Institute found 45 percent of baby boomers could potentially run short of funds during their retirement years, USA Today reported Wednesday.

A separate AARP Public Policy Institute survey found 25 percent of older workers have already run through their savings because of the economic downturn that began in late 2007.

California financial consulting company Financial Engines said a recent survey of 300 older workers and retirees found "as baby boomers prepare to retire, many fear they have not saved enough and will run out of money during their retirement."

Older workers have been hit with three significant breakdowns to their retirement plans. For some, pension funds lost considerable value during the financial meltdown. For others, the equity built into their homes has fallen as their homes have lost value. Others simply lost their jobs close to their retirement dates.