Nine in 10 baby boomers who are former members of the U.S. military say they are confident that their lifestyle in retirement will be everything they’ve hoped for, according to a survey released Tuesday by Charles Schwab.
Eighty-seven percent of survey participants anticipate that their quality of life in retirement should be better than that of their parents, and 84% expect it to be better than that of their children.
The online survey included 416 veterans, who are between 55 and 75 and have at least $100,000 in investable assets. It was conducted by Logica Research from Aug. 20 to Sept. 4.
Boomer veterans also are ready to make the most of their retirement, the survey found, with 63% saying they want to spend their money rather than leave an inheritance for their children.
On average, boomer veterans surveyed have accumulated $980,000 in retirement savings, including assets in 401(k)s, other workplace retirement accounts and IRAs. Eighty-six percent believe their savings should allow to live out a comfortable retirement.
Although this amount seems ample, the survey respondents also believe that they will need $130,000 per year on average to live their best life in retirement.
“Military service members are trained to be confident and disciplined, and for those in our survey, it seems that carries over into their finances,” Danielle Munoz, vice president and leader of Charles Schwab’s virtual branch network, said in a statement.
“But we also know many Americans, including active duty military and veterans, often live paycheck to paycheck, which can make the idea of retirement even more overwhelming. That’s why it’s important for everyone to put pen to paper,” Munoz explained.
Having a basic plan in writing, she said, can help boomer veterans ensure that the math adds up between their savings and other potential sources of income like Social Security or even a military pension.
Munoz and her team joined Schwab as part of its USAA acquisition, which closed earlier this year.