Retirement is top of mind for a majority of pre-retiree Baby Boomers between the age of 50 and 60, Charles Schwab found in a recent survey.
Forty-six percent of this group have a target retirement date in mind, and 38% have a target nest egg in mind. Only 34% have neither.
Schwab also surveyed retirees and found that 47% were able to retire when they reached their target date, and 27% retired when they reached their financial target. Another 38% said they had neither a financial or date in mind leading up to retirement.
“Although we tell our clients there really is no magic number—in terms of age or size of nest egg—for retirement, thinking about these targets can be a great catalyst to kick-start retirement planning and initiate an honest discussion about expectations,” said Stacy Hammond, director of real life retirement services for Charles Schwab. “At Schwab, we encourage clients to be realistic about retirement and explore ways to make it work for them as individuals—whether by adjusting timing, cutting back on expenses or continuing to work part time.”
The Schwab survey also found that people in their 50s are more optimistic about Social Security than the population at large, with 55% of this group counting on Social Security to supplement their retirement savings, compared to 37% of all Americans.