One-Third Reconsider Retirement Age ... Most Plan To Delay CLEVELAND, Jan. 29 /PRNewswire-FirstCall/ -- The generation that said "never trust anyone over 30" and "let it all hang out" are now between the ages of 43 and 61 -- and when it comes to managing their finances they are living up to their mantras. A recent survey by KeyBank and Zogby International shows that Boomers are living contradictions when it comes to finances. They want to be in control, but many have a laissez-faire attitude when it comes to managing their money. According to the survey, Boomers are quite confident in their ability to plan and manage their financial future, yet uncertain their actions will produce the right results. Over half (51 percent) said they are doing financial planning, and their goals are set and on track, yet 67 percent believe they will or could run out of money in their lifetime. "Given the size of the Baby Boom generation, it is astounding they feel this uncertain at this point in their lives," said Marc Vosen, President of Key Investment Services. Eighty-two percent said retirement planning should begin by age 30. Asked what they are more likely to do on a regular basis, 42 percent said they are more likely to get a physical exam from a doctor, 25 percent are more likely to get a tune-up from a mechanic, while only 5 percent said they would review their finances with an outside expert. "Boomers have a yin yang philosophy about their money. They view their financial stewardship one way, but their actions don't seem to reflect those views," said Vosen. "There's conflicted confidence in what Boomers say they are doing, what they actually are doing, and consequently there's a real concern about how financially prepared they are for retirement," he said. The survey focused on Boomers with investable assets between $100,000 and $500,000. Vosen said this is the time in life when Boomers have accumulated some money on their own and are beginning to inherit money from their parents. REALITY IS SETTING IN When asked to describe their current financial outlook in terms of a Reality TV scenario, 42 percent chose "Survivor." The balance of respondents selected "Amazing Race," "The Apprentice", "Fear Factor," "Extreme Makeover" and "Lost" to best describe their situations. Reality is beginning to hit home and changing circumstances are causing 35 percent of Boomers queried to reconsider their retirement age. Of those changing their plans, more than two-thirds (77 percent) are delaying their retirement date. Reasons cited for the delay include the need for more savings (46 percent) and concern about rising health care costs (41 percent). FROM PROCRASTINATION TO PROACTIVITY One reason why retirement may be taking a backburner is that Boomers are more concerned with immediate financial problems or issues. Asked "what keeps you up at night" Boomers place health care coverage, caring for aging parents, job security and oil/energy costs above saving for retirement. It is clear that Boomers need to do more, but there seems to be inertia when it comes to taking action. Vosen said Boomers are procrastinating because financial planning sounds cumbersome, complicated and time consuming, but he adds, it doesn't have to be. He offers the following tips: 1. Zero in and balance various needs Identify the most important issues and utilize specialized tools to assess them (e.g., mortgage, debt management, education savings or retirement) 2. To visualize the future you want, take three simple steps: 1) Estimate the number of years you plan to live in retirement 2) Determine the lifestyle you want to have (similar to your life today; more simplified; more travel; vacation home etc.) 3) Estimate the annual income you will need to have to live your desired lifestyle (make a monthly budget, multiply by 12 and include some unexpected expenses for additional security) 3. Calculate the cost of procrastination The cost of procrastinating increases exponentially over the course of only a few years. For example: A person investing $2,000 a year between the ages of 21 and 30 will earn $347,508 more (by the age of 65) than one who invests $2000 a year from the age of 30 through 65. 4. Bite the bullet Review assets with a financial professional to ensure the money and investments are working as hard as possible, now and in retirement About Key Investments Services Key Investment Services LLC, a FINRA registered broker/dealer, was established to support Community Banking clients with approximately 200 dedicated financial advisors across Key's geographies. Through KIS, Key ensures that clients are aligned more closely with the proper delivery channels, offering a comprehensive set of investment and insurance solutions. About KeyCorp Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $100 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/. Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC. Insurance products are offered through KeyCorp Insurance Agency USA, Inc.(KIA). KIS and KIA are affiliated with KeyBank National Association (KeyBank). Investment and insurance products made available through KIS and KIA are: NOT FDIC INSURED - NOT BANK GUARANTEED - MAY LOSE VALUE - NOT A DEPOSIT - NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank. DATASOURCE: KeyCorp CONTACT: David Reavis of KeyCorp, +1-216-828-7542, Web site: http://www.key.com/ http://www.key.com/newsroom

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