Retirees and near-retirees are nearly panicked about their future. They fear they will live in poverty in their senior years, according to one-on-one interviews conducted with 264 Baby Boomers by Financial Engines, a supplier of automated investment advice online.

This level of panic has sent many into denial about their futures, causing them to procrastinate retirement planning altogether and to unrealistically hope that their finances and lifestyle in retirement will magically turn out alright.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.