(WWBT/WXIX) - Studies show that Baby Boomers are ahead of the game when it comes to planning for retirement.
Two-thirds of boomers say they plan to work past 65, but only one in four plan to retire at a specific age.
That’s different from Millennials, who in a recent study want to retire early by age 65.
However, two-thirds of that generation haven’t saved much for retirement. The median balance of those who have is $19,000.
Baby Boomers have tended to prioritize saving for retirement over their children’s college and other goals.
A study from MassMutual finds 41 percent of retirees are spending the same amount they did while working, and 8 percent were spending more.
A recent study found nearly 70 percent of Boomers wish they’d saved more for retirement.