In 2012, the first wave of the estimated 79 million baby boomers in the country turned 65.

Whether or not they're ready financially to retire is an open question. A sluggish economy, low interest rates and a volatile stock market have hurt many people's retirement nest eggs. Many have lost jobs and businesses, along with their dreams of a comfortable retirement. What's more, they're told to plan on living longer, a major worry given escalating health care costs.

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