Americans are becoming more realistic about retirement, with 40% of older Baby Boomers currently eligible for Social Security now planning to work a few more years to increase their savings and reach higher Social Security payout thresholds, Charles Schwab’s quarterly retirement pulse survey found.

And 95% said they would prefer to save more today than to have to spend less in retirement. In addition, investors are becoming far more engaged in their retirement planning, with 52% reporting they are now more involved. Forty-eight percent of Gen X and 53% of Gen Y have increased their retirement contributions.

“Americans are willing to save more and work later, in the hope of maintaining their spending and lifestyle in retirement,” said Stacy Hammond, director of real life retirement services at Schwab.

“Investors should know that, despite the financial setbacks of the past year, there are still ways to retire on your own terms, and the right guidance can make all the difference along the road to and through retirement,” Hammond added.

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