Boomers think they'll retire later, but life will be good once they do - Business Insider

found that baby boomers are feeling optimistic about what they've saved, and how they'll spend their time in retirement. of $920,400. But that figure may be higher than the general population, as the retirees surveyed had a minimum of $100,000 in retirement savings, which may not be true of the population more broadly. Of the surveyed group, 82% felt certain that their retirement savings were sufficient to do all the things they hope to do in retirement.

According to the survey, boomers who have yet to retire will actually work a little bit longer than they may have expected. Most who have not yet retired expect to retire at age 66. And, of those who have not yet retired, 33% expect to work part-time in retirement. Additionally, boomers who are still working are less likely to feel the negative financial effects of the COVID-19 pandemic. Of those who are still working, only 25% say that they were impacted, while 45% of those who have retired in the past five years and 38% of those who have been retired more than five years felt affected. Regardless of when they retire, boomers are feeling good about their savings and planning.

In general, 84% of boomers say that their retired life is or will be better than their parents' retirement. Today's retirees live longer than any generation in the past — the average 65 year old today lives to over 84, while the average 65 year old in 1980 lived three fewer years, according toHowever, they're not so sure about their millennial children. About 80% of boomers expect that their retirement will be better than their children's retirement.

And millennials may not get the same windfall their parents did, either — 65% of boomers said that they'd rather spend their money than leave their children with inheritances.

So they say they will enjoy all their inheritance money and none will left to their kids.

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