Retirement: Average Boomer's Savings Would Only Last Seven Years, Study Finds

A Charles Schwab survey estimates that the average baby boomer's savings will last only seven years in retirement unless they pull back on spending, reports Yahoo! Money . The poll found boomers' retirement nest egg averages $920,400, but they should expect to spend $135,100 annually to sustain their ideal lifestyle in retirement. "For many there's a potential gap between what they have saved and the retirement they're envisioning," said Charles Schwab's Rob Williams. Aspiring retirees expect to retire at age 66, seven years later than those who have been retired for at least five years — implying they plan to stay employed longer, which could help boost their savings and reduce how much money they will need in retirement. One-third of those approaching retirement also intend to work part time, versus 2 percent of those who have already retired. "To ensure you don't outlive your money, it's critical to have a full-blown financial plan in place that's been tested against market downturns, healthy risks and other unexpected factors," recommended Tony Zabiegala at Strategic Wealth Partners. Meanwhile, about two in three boomers would rather spend money in retirement than leave a legacy for their children, while 40 percent expect their quality of life in retirement to be better than their children's.