A recent survey conducted by Charles Schwab has found that there are different habits for baby boomers who are planning to retire in the near future, according to The Credit Union Times.
Among the participants in the survey, who were aged 50 to 60, 88 percent claimed that they would be working beyond retirement age, due to the need for money and the desire to continue to be socially connected and stay active.
Slightly more than half of those surveyed (54 percent) stated that their retirement plans had not changed, which seems to indicate that they had planned ahead with savings and other investments. However, 38 percent of boomers said that they would be retiring later than expected.
Seventy-four percent of the participants said that they would not need financial assistance after retirement, while 50 percent said that they would advise future generations to live within their means.
Those who are planning to work beyond retirement may also be caring for an aging parent, and a study by the Hartford Financial Services Group found that 70 percent of these workers have had to leave work early to care for a loved one.
Installing a personal emergency response system in a senior’s home is an effective way to enable a parent to notify caretakers or doctors if they are in need of assistance.