December 4, 2006 4:03 PM

Wake-up call on the "R" word
Posted by Douglas Eisenhartat 4:03 PM

The "R" word - Retirement - may look a long way off to many people, a hazy region out there on the distant horizon, not to be worried about now or even in the near future. It'll take care of itself when the time comes. We'll get there when we get there.

Or will we? The shocking truth for many, especially the graying population bulge known as the Baby Boomers, is that they are much closer to retirement than they may think. And for many, the sad news is that they may not be adequately prepared to survive without an active income:

Recent changes to federal retirement policies have been based on the premise that private savings plans like 401(k)s will make up for stingier pensions and Social Security shortfalls in the future. Yet survey after survey shows that Americans aren't saving enough on their own.

Now Web-based retirement calculators and similar features from companies like Fidelity Investments and John Hancock Funds are underscoring the importance of putting more aside. The calculators show individuals how much they will need to save for the retirement they expect, often setting a daunting target of $1 million or more.

To paraphrase the tagline from a string of recent credit card commercials, what's in your retirement account? Read on from today's Globe.