Schwab Finds Pre-Retirees not Panicked

The Charles Schwab Q3 Retirement Survey finds 54% of baby boomers ages 50 to 60 do not expect to delay their planned retirement date, despite the recent challenging economic conditions.

Thirty-eight percent expect to retire later than they had originally planned. According to a press release, 88% of respondents indicated they expect to continue to work even after becoming eligible for full retirement benefits; however, only 28% cited “the need for more money” as the leading reason, while a quarter cited “a desire to remain active mentally, physically or socially.”    

Three quarters of respondents (74%) said they do not expect they will need financial support from others at some point during retirement, and more than half (54%) reported it is likely they will enter retirement debt free.   

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When asked what are the most important lessons they would like to teach younger generations about saving and investing, half suggested “live within your means,” followed by 30% who said “begin to save at an early age.” 

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