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.

Due to confidence in their planning skills, affluent boomers surveyed are optimistic about when they will be able to retire. Surprisingly, nearly six out of 10 respondents say they will retire before age 65, contradicting the popular notion that boomers will need to remain in the workforce longer than previous generations. In fact, age does not seem to make a difference when it comes to their expected retirement ages. More than half of both older boomers (over 50) and younger boomers (under 50) report planning to retire prior to the age of 65, before they will be eligible for Medicare or full Social Security benefits.