Boomers say that if they could turn back time, they'd save more money

What advice about preparing for old age would you have given yourself 20 years ago if you were as smart as you are now?
The overwhelming response among baby boomers in a statewide survey was, "Save more money."
But others among the nearly 400 respondents who participated in the survey, conducted by Southeastern Institute of Research for the Older Dominion Project, had more singular suggestions:
--"I would say to drink less beer, smoke less pot, eat less corn syrup and not smoke three packs of cigarettes a day."
--"I would say stay single and don't buy cats or horses."
--"I would say not have so many kids."
--"I would say don't marry your first two husbands."

The upshot is that many boomers would do things differently if given the chance.
And no wonder. According to The McKinsey Quarterly, the business journal of McKinsey and Company, a global consultancy, 50 percent of boomers envision a comfortable retirement but haven't prepared for it and still spend more than they earn. In all, the study says 60 percent of boomers won't be able to maintain a lifestyle close to their current one without continuing to work.
Only about a quarter of boomers are financially prepared for old age, having an average net worth of $1.2 million, according to McKinsey. The most disadvantaged boomers, also about a quarter of the generation, have an average income of $15,000 a year and a net worth of $75,000. Boomers in the middle 50 percent have an average net worth of 15 percent of their more affluent counterparts.
"It's totally incongruent," Boomer Project co-founder John W. Martin said of the expectations of many boomers and the cold, hard reality of their financial situations.
--"Live below your means."
--"Don't depend on Social Security."
--"Don't count on anyone else."
--"I would have not used credit cards."
--"I would say to save 15 percent of our net earnings."

Martin, president of the Richmond-based Southeastern Institute of Research, said many of America's boomers -- ages 46 to 64 -- have "got to run to catch up" in retirement savings. "It's a dash."
Some of the comments of survey respondents are funny, he said, and too true.
"It's going to come home to roost," he said.
--"I would tell myself to buy land, eat healthier and keep exercising."
--"Don't spend money on foolish items that I will just throw away and sell in a yard sale."
--"My advice would be to buy mutual funds and don't party so much."
--"The advice I would give to myself would be to not eat so many cheeseburgers."
--"You need to get with it."

As for a chance to go back and give themselves advice 20 years ago, not everyone was focused on money or gloom and doom:
--"My advice is to be happy."
--"I would say carpe diem."
--"I would keep doing what I'm doing."
--"I would tell myself to live it up."
--"I would say be kind to others."
And then there was at least one who didn't like the query at all:
"That's a dumb question. Time travel is impossible."