One-third of boomers aged 55 to 65, or "transition boomers," are unsure how much money they will need to cover basic living expenses in retirement, according to "The Transition Boomers and Retirement Income Survey," from Allianz Life Insurance Co. of North America. Nearly three in 10 (28%) said their biggest retirement concern is not being able to cover basic living expenses, according to the report.

"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working," said Walter White, Allianz Life president and CEO. "When you consider rising health care costs and the devastating effects of inflation on purchasing power, the fact that so many transition boomers are still confused about retirement income planning is a significant issue which urgently demands more education. Allianz Life developed a new planning framework , specifically to help boomers tackle these challenges."

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