Baby Boomers Want To Maintain Lifestyle In Retirement

Only one in five baby boomers has a retirement income plan

Despite this, over two thirds of the working baby boomer generation plans to maintain the same lifestyle during their reitirement years.

Six percent of baby boomers in a recent study actually plan on increasing their standard of living in retirement.

The authors of the study on baby boomer retiremet expectations say

Many baby boomers have big plans for retirement including retiring early and leading very active lives in retirement. As the median retirement age drops and life expectancy increases, some boomers could have retirements as long as their working lives. Unfortunately, not all boomers are planning and saving for the longer and more active retirement they want.

The study goes on to say.

Some members of the baby boomer generation are only on track to replace 55% of their pre-retirement income once they retire. This means that some boomer households will be taking a 45% paycut in retirement which could force them to reconsider their retirement goals.

Three key numbers from the study suggest.

• 64% of baby boomers are plan to maintain their current standard of living in retirement.
• 6% of the boomer generation are planning to increase their standard of living
• 22% of boomers plan on downsizing in retirement.

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