Baby Boomers Reflect on Money Habits
Some baby boomers said the two biggest lessons they've learned after decades of saving and investing are living within one's means and starting to save at an early age.
That's according to a Charles Schwab survey of boomers ages 50 to 60 questioned between July 15 and July 26. When asked what advice they would give younger generations, 50% suggested living within your means and 30% said beginning to save at an early age.
Fifty-four percent of respondents said they do not expect to delay their planned retirement date despite challenging economic conditions while 38% expect to retire later than they originally planned. Asked if they expected they would need financial support from others at some point during retirement, the vast majority (74%) said no. More than half (54%) felt it is likely they will enter retirement debt free.
Still, 88% of those surveyed expect to continue to work even after becoming eligible for full retirement benefits, citing the need for more money (28%) as the leading reason, followed closely by a desire to remain active mentally, physically or socially (25%).