Retirement financial preparation:implications for policy.

Financial preparation for retirement is key to positive outcomes for future cohorts. Studies suggest that insufficient preparation is occurring among Baby Boomers. Data from community-dwelling adults (N = 1508, ages 40-70) show that most respondents (22-75%) had taken four specific preparation steps, and few reported negative attitudes toward planning. Five correlates (gathering information, locus of control, self-definition as household planner, financial worries, and negative attitudes) and demographic variables tested in bivariate analyses showed most having associations with preparation. In multivariate analyses, however, only two correlates (gathering information and negative planning attitudes) and demographics (race/ethnicity, education, income, health, age, and education) explained planning behavior.