Baby Boomers turning 60 this year who plan to cash-in their retirement account can look forward to walking away with an average of $112,000, according to a report released by Boston-based Fidelity.

"The 401(k) will be a vital source of income for older Boomers," said Jack Callahan, president of Fidelity Institutional Retirement Services Co. And although 401(k) balances, combined with anticipated income from Social Security, pension and other savings among those between 50 and 59 years of age is at the highest of any group, they still have not saved enough, according to Callahan.

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