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.   

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.”