NEW YORK ( MainStreet) -- Baby Boomers -- those aged 51 to 69 -- believe there are significant threats to their retirement, but less than half (47%) of them have a financial retirement plan in place to combat these dangers, according to survey findings released by Natixis Global Asset Management. And, with the cost of retirement shifting away from the government (Social Security) and employers (pensions), the burden of remaining solvent post-career falls increasingly on the individual American's shoulders in the form saving, investing, selling a home or working longer after retiring. That's why it's more important than ever to create and follow a financial plan, even in the late-stage run-up to retirement.
Those nearing retirement have the same fears -- that they will not have enough money to last through retirement, according to the Natixis survey. To allay these anxieties, TheStreet spoke with advisors to concoct a strategic retirement game-plan based on some fundamental questions.
How long will I live?
Almost 75% of Boomer investors who responded to the Natixis survey said the costs of basic needs in old age such as long-term care could endanger their financial well-being. Confronting extended life expectancies is, as a result, of the essence.
"Longevity is definitely a risk," says Ed Farrington, executive vice president of retirement for Natixis Global Management. "If the average age of retirement is 65 and the likelihood that you will live to age 80 is high, then you will need to support yourself for 15 years on your retirement savings and investments and whatever you might get from Social Security."
Farrington says that's several years longer than the past generation, and because of that longevity, Baby Boomers need to seek advice from a financial professional to help stay realistic about your retirement plan based on income streams, savings, tolerance for risk, health and many other personal lifestyle factors which have huge implications in how a person might save, spend and earn.