f respondents (50 percent) in 2003 said they feel comfortable and under control regarding their financial preparations for retirement, and 55 percent gave themselves an "A" or "B" grade on their preparation. Yet, when asked if they had an emergency, how long they could maintain their standard of living without tapping into long-term savings or retirement plans, half also said they wouldn’t last more than six months.

In 2001, Baby Boomers had an even more favorable opinion of their planning skills with 61 percent ranking themselves "A" or "B." But, nearly 50 percent also said they wouldn’t last more than six months if faced with an emergency.

In 2003, Baby Boomers said they would prefer to consult a professional financial advisor (74 percent) for reliable advice and information on retirement planning decisions more than consult anyone else. Friends and relatives (56 percent) were the next most sought consultants, and accountants (52 percent) rounded out the top three.

Yet, while three-fourths say they would consult a professional, only two-thirds (66 percent) have actually consulted a professional for advice.

It’s Not All Bad - Many are Saving
On a positive note, the large majority of Baby Boomers surveyed (83 percent) said they have an employer-sponsored retirement plan, while nearly half have an IRA (46 percent). And, more than half of respondents (54 percent) said they are relying on their employer-sponsored plan as their largest source of retirement income.

More encouraging news: A majority of the Baby Boomers "stayed the course" and contributed the same or more to their employer-sponsored retirement plan over the past two years, with 47 percent not changing their contributions and 35 percent increasing the percentage of income they contributed. Very few (5 percent) decreased the percentage of contribution, and just 3 percent cashed out.

Baby Boomers in the moderate income category ($50,000 to $75,000) are more likely to rely on Social Security and less likely to rely on their employee-sponsored retirement plans than those with incomes of $75,000 to $125,000.

Other findings in the survey:

* Women feel much less confident about their retirement planning than men. Forty-three percent of women said they are comfortable with their retirement planning, compared to 58 percent of men.
* More women than men believe they will be worse off in retirement than they are now (25 percent vs. 10 percent).
* Younger Boomers (ages 35-44) are more confident that they will be better off in retirement than older Boomers (32 percent vs. 14 percent).
* Younger Boomers are more likely than their older counterparts to say that "living beyond their means," (32 percent vs. 17 percent) and "lack of tim" (34 percent vs. 16 percent) are reasons they grade themselves low in financial preparation.
* Young Boomers are more likely than their older counterparts to consult friends and relatives (65 percent vs. 47 percent).
* On average, men spend more time per month on financial planning than women (4 hours vs. 2.5 hours). Baby Boomers with children over age 18 spend more time than respondents with no children over age 18 (4.3 hours vs. 2.3 hours).
* Of those who feel they are doing an above-average job in retirement planning (rating themselves an "A" or "B"), two-thirds (64 percent) say "planning early" is the key. Half or more say "living modestly" (56 percent), "investing wisely" (56 percent), and "self-disciplin" (50 percent) were reasons they feel prepared.
* Both "bulls" and "bears" are cautiously optimistic on predictions for the stock market for the next year. Thirty percent said it would stabilize, 46 percent said it would increase slightly, and 5 percent said it will increase dramatically. Another 12 percent expected the stock market to decrease slightly (9 percent) or dramatically (3 percent).

The "Boomers Still on the Brink" survey was conducted in July 2003 by the research firm, KRC Research. The survey of 500 respondents included people ages 35 through 55 with annual household incomes between $50,000 and $125,000. Those surveyed were predominantly Baby Boomers born between 1945 and 1964. The poll’s margin of error was plus or minus 4.4 percentages points at the 95 percent confidence level.

About ING
ING Groep N.V. (NYSE: ING) is one of the largest integrated financial services companies in the world, providing insurance, banking, and asset management products. The company strives to provide an innovative, client-focused approach to its financial products and services through strategic global distribution channels. In the U.S., ING offers a comprehensive array of financial services to retail and institutional clients that includes retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, life insurance, employee benefits, financial planning, and reinsurance. Currently, ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. Globally, ING serves over 65 million private, corporate, and institutional clients throughout 60 countries. For more information, visit www.ing.com.