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PHILADELPHIA — When it comes to retirement planning, baby boomers may be painting an unrealistic expectation of how much they’ll need to live on during their golden years, according to the third annual Lincoln Long Life survey released Nov. 1 by the Lincoln Retirement Institute.

Sixty-two percent of those surveyed expect to spend 20 or more years in retirement yet, approximately 17% speculate they will fall short or just meet their basic living expenses with their current resources. Moreover, 71% of boomers who plan to retire after age 60 are worried that Social Security benefits will not last, and 36% of respondents with pension plans are either very or somewhat concerned that their pensions will not deliver the expected amounts of retirement income.

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