While more working baby boomers with pensions (56%) indicate they are more likely to retire at or before the traditional age of 65 than those without (39%), almost half of them still expect to retire with debt, according to a Fidelity Investments survey released last week.

Additionally, retired baby boomers receiving payments from pensions today say they should have saved earlier than they did. One in five retirees with pensions acknowledged they did no planning before retirement, with half indicating they only began planning just a year or more before retirement.

The study, conducted among 1,018 baby boomers either working in or recently retired from corporate jobs, was designed to uncover what boomers think about their retirement readiness and the role of employer-sponsored benefits at a time when more than 3 million boomers are turning 65 each year and contemplating retirement.

“Our research uncovered the fact that even the small population of baby boomers who actually receive a pension payout today feel they should have saved earlier than they did for their income in retirement,” says Wendy Foster, senior vice president at Fidelity Investments. “Saving more aggressively and planning well ahead of your expected retirement date becomes even more critical for the majority of Americans, particularly younger workers, without traditional pensions.”

While boomers currently participating in pension plans may feel more flexibility around their expected retirement date, nearly half (48%) — regardless of whether they expect to retire with a pension — anticipate retiring with debt from some of life’s typical demands, primarily mortgage payments followed by credit cards, car payments and student loans for either themselves, a spouse or their children.

Also, regardless of whether they have access to pension payments in retirement, seven out of 10 retired boomers said they wished they had done more to save for retirement during their working years.

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