Jan. 8, 2008--A new survey finds boomers regret not making better retirement choices at a younger age. Now these old dogs have to learn a new trick: how to tell fact from fiction in a plethora of "new" investment products.

One of my Ten Truths of Wealth Creation is to focus on life goals, instead of financial goals, and to minimize future decisions. The Baby Boom Generation minimized their future decisions by not making any. If offered a chance to travel back in time, many boomers would change their planning strategy for retirement, according to a new survey by Zogby International. About a third said they wished they had done a better job of creating lifetime income and 70% said they would return to work if they had to (and if they can find work!).

The survey found that people often put off retirement planning until key life changes take place. Women often begin planning when a loved one, such as a spouse, dies. Men are most likely to begin planning after a job change, the survey found.

Meanwhile, the investment industry is planning to roll out ever more investment "products" this year to pander to the fears of boomers that they'll wind up their lives in poverty, shackled to the Golden Arches. The key selling point will be guaranteed income. In evaluating any investment, the most important question should be, "Do I own something, or am I just lending money to an insurance company or a bank that has to make money to satisfy its shareholders?" Most investment products sold today do not give you an ownership position. They are exactly what they are called, "products," and not true investments.