Retirement is right around the corner for baby boomers — if they haven’t already entered it — yet so many are financially unprepared.

Baby boomers, or those born between 1946 and 1964, expect they’ll need $ 658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $ 263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $ 300,000. Their asset allocation for all of their investments are also co…
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