Want to plan for retirement? Take a lesson from Baby Boomers

Want to plan for retirement? Take a lesson from Baby Boomers

(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.

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