There is more to planning for retirement than just money, and a majority of baby boomers may be approaching the personal part of retirement blindfolded, says RetirementProject.org.

Most troubling is the revelation that less than 25 percent of respondents to the Retirement Perceptions Quiz have a written plan detailing their expectations for an ideal day and week in retirement.

The survey also found that over 60 percent of baby boomers attend or participate in fewer than four social events outside the workplace per month, and nearly half feel their retirement plan is unbalanced between retirement's personal and financial factors.

The quiz, taken by 1,300 baby boomers between May 15 and July 15, reveals a discrepancy between the group’s level of financial and personal preparedness for retirement, says RetirementProject.org, an organization that helps people prepare for retirement.

The quiz showed that 65 percent of respondents claim to follow some form of exercise routine or nutritional plan, and 60 percent have a hobby or passion that defines them outside of their work. 

“This is a wakeup call for baby boomers, employers and the financial services industry.  Too many people are unnecessarily walking into retirement blindfolded, out-of-sorts, and socially unprepared to adapt to the everyday rigors of retirement,” says Robert Laura, founder of RetirementProject.org 

“We are ushering in a new era of retirement that demands advisors and employers help baby boomers plan for more than the dollars and cents of retirement. A comprehensive plan needs to include wellness initiatives to help them replace their work identity, stay connected to family, friends, and co-workers, as well as keep them balanced mentally and physically,” Laura adds.

“Baby boomers need to be trained to take the same discipline and habits they used to accumulate their retirement savings and apply them to the mental, social and physical aspects of retirement. Otherwise they run the risk of discovering that running out of money pales in comparison to running out of family, friends, good health, and time,” he says.

On the financial side of retirement planning, the quiz found that 73 percent of respondents say they have decided the age at which they will begin Social Security benefits and 62 percent say they have a written plan detailing the amount of savings they will need for retirement.

Sixty percent say they understand the basic features and costs for life and long-term care insurance; 59 percent say they have a withdrawal plan for their savings and 55 percent say they have taken a risk tolerance questionnaire to manage investment risk.