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The study for Charles Schwab found that 82% of the Baby Boomer generation believe their savings will get them “all the way” or “most of the way” to living out their dreams in retirement, USA Today cites. The article goes on to state that more than 84% of Boomers anticipate their quality of life in retirement will be better than that of their parents, and more than 80% also believe their retirement will be better than their children’s.
The article in USA Today says that the Schwab survey respondents have accumulated an average of $920,400 in retirement savings, and believe they need $135,100 per year on average to live their ideal life in retirement. “The reality is that they [boomers] may come up short considering an average savings of $920,400 will only last about seven years at their expected spending rate,” said Rob Williams, vice president of Financial Planning at Charles Schwab. “The good news is that these boomers may have other sources of income like Social Security, but the only way retirees can be sure the math adds up is by putting pen to paper and having a plan in writing.”
Yahoo! Finance shares that the average age pre-retirees expect to retire is 66, up 7 years from previous “accomplished retiree” age of 59. Of those who have not yet retired, 33% expect to work part-time in retirement. Boomers who are still working are less likely to feel the negative financial effects of the COVID-19 pandemic. Of those who are still working, only 25% say that they were impacted, while 45% of those who have retired in the past five years and 38% of those who have been retired more than five years felt affected, Business Insider writes.
Background: In a survey of more than 2,000 Baby Boomer generation respondents with over $100,000 aged 55 to 75, Charles Schwab found that Boomers are feeling optimistic about what they’ve saved, and about how they’ll spend their time in retirement.
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