Doomed boomers?

Baby boomers may be dreaming of a carefree retirement.

But for many middle-income boomers, battered retirement accounts, diminished home values and lack of personal savings may result in not-so-golden golden years, according to a study by the Bankers Life and Casualty Co. Center for a Secure Retirement.

Aside from the 14% of 500 middle-income Americans between 47 and 65 who do not have a 401(k), IRA, pension or any other type of retirement account, the survey found that 16% report owing more on their mortgage than their home is worth and 19% have less than $10,000 in retirement savings.

Close to half of those surveyed do not expect to pay off their mortgage before they retire, and one fifth of those whose employers contribute to their retirement plans report that their employer has reduced matching contributions.

However, 95% of boomers who participate in their employer’s plan maintained or increased their personal contribution.

Among the more-prepared boomers are the 52% who report having a 401(k), 48% who say that they have an individual retirement account and 33% who own a home that is paid off.

One of the adjustments made by a majority (55%) of boomers is spending less on discretionary items than before the recession.

Scott Perry, president of Bankers Life and Casualty Co., suggests that boomers speak with a professional adviser to create a financial plan that supports their vision of retirement.

“They should strive to pay down debt and take full advantage of retirement savings opportunities at work,” he said.