Author: The McKinsey Global Institute

What it is: A year-long study of baby boomers and the obstacles they face in retirement. The information was taken directly from official U.S. governmental statistical agencies.

Major Findings: If younger boomers could accumulate assets for an extra five years, the number of boomer households unprepared for retirement could be reduced by half, reports Talkin' Bout My Generation: The Economic Impact of Aging U.S. Baby Boomers. This would mean a shift in the median age for retirees to begin drawing down assets from 62.6, where it is today, to 64.1—a nearly two-year increase.

The study divides boomers into three attitudinal groups: Confidents, Vulnerables and Disadvantaged. Roughly half of boomers are Confidents—the healthiest, wealthiest, happiest, most educated and most likely to be married. Many feel they are prepared for retirement, but many are mistaken.

The rest of boomers fall nearly equally into the Vulnerables and Disadvantaged categories, which decrease in income, health, education and marriage rates. Vulnerables are most concerned with finances and healthcare. Only one in four of the Disadvantaged is prepared for retirement.

Highlights: A majority (85%) of boomers know they will need to do some kind of work in retirement. Nonetheless, one-third of them will be unprepared. Nearly half of this 85% has a household income of less than $30,000, and three-fourths have less than $60,000. Nearly all have a net worth below $100,000.

If boomers worked longer, they'd add $12 trillion to the U.S. GDP over three decades—the amount of one year's GDP today. However, various obstacles make this difficult. Since insurance costs rise with age, employers are less inclined to hire older workers. And while Medicare provides coverage for retirees over the age of 65, if their company provides insurance, Medicare's coverage drops to little or nothing. Also, many retirees prefer to work part-time or from home. But some companies fear that accommodating this would violate federal tax, pension and age discrimination laws. The study advocates changing these laws.

The Author Says: "The boomers who currently lead our businesses and political institutions need to reinvent retirement and create a more flexible labor market that enables and encourages this generation to work and save later in life," says Diana Farewell, director at McKinsey.