It Might Take 10 to 12 Times Salary for Retirement

Fewer companies are using only their own company stock to match employee savings, instead allowing workers greater investment diversification with a broader array of options. Companies that restrict options to their own stock have declined to 23 percent, down from 36 recent in 2005.

Another survey showed that workers on the leading edge of the baby boom have made progress in preparing for retirement. MetLife's Mature Market Institute surveyed 1,000 folks who are turning 62 in 2008 and found that their net worth (excluding home value) averaged $257,800. Their average annual income was about $71,400.

Thirty-one percent plan to apply for Social Security when they turn 62, while another 32 percent say they will wait until age 66 or beyond when they can receive full benefits. Forty-seven percent say they are covered by a traditional pension plan, a benefit of working through an earlier era. Half have a 401(k) plan, and half have an IRA.

Most -- 85 percent -- own their homes which have an average value of $297,900. A quarter plan to move to another area for retirement, and 22 percent have long-term care insurance.

"They're comfortable being identified as a baby boomer, and, contrary to claims that they're not ready to retire, only 18 percent dislike the term 'retirement' to describe their next transition," said Sandra Timmermann, director of the MetLife Mature Market Institute.

On the other hand, she noted, "On average, as far as they're concerned, they're not really going to be 'old' for another 17 years."

Age 79? Trust me, when we get there, it will be the new 60.

Are you considering taking a loan from your 401(k) plan? If you want to hear from an expert whether it makes sense, and if you're willing to talk about your situation on the record and have your name in the column, please contacthamiltonmartha@washpost.com.

Join Martha Hamilton for an online chat with Anthony Webb, research economist at the Center for Retirement Research at Boston College, at noon on Tuesday.