Baby Boomers Believe They Will Have a Better Retirement Than Their Parents, Kids, Survey Finds

A Charles Schwab survey estimated that 82 percent of polled baby boomers believe their savings will get them "all the way" or "most of the way" to reaching their retirement goals, and that they will enjoy a better retirement than both previous and subsequent generations, reports USA Today . More than 84 percent of respondents expect their quality of life in retirement to exceed that of their parents, while over 80 percent also expect their retirement will be better than their children's. Respondents hold an average $920,400 in retirement savings, and believe they require an average $135,100 annually to live their ideal life in retirement. "The reality is that they boomers may come up short considering an average savings of $920,400 will only last about seven years at their expected spending rate," said Charles Schwab's Rob Williams. "The good news is that these boomers may have other sources of income like Social Security, but the only way retirees can be sure the math adds up is by putting pen to paper and having a plan in writing." Meanwhile, more than 33 percent of aspiring retirees are more likely to plan to be employed in retirement, while just 2 percent of current retirees plan to do so. Aspiring retirees also expect to retire later than current retirees.