And they will not have to tap retirement savings as their primary source of income until much later than is generally expected of retirees.
"(Baby) boomers pioneering this 'new retirement' can readily attain their financial goals" said Michael Falcon, chief operating officer of the Merrill Lynch Retirement Group. "It starts with savings, but it requires a new planning model that considers all of the elements of their retirement dream, as well as their total financial picture."
Find Out How Much You Need to Save for a Secure Retirement
To help you determine how much you need to save each year to meet your retirement goals, Merrill Lynch offers an online calculator called The New Retirement Illustrator.
Simply enter your age, how much you currently have in savings, how much you would like to receive each year after you fully retire, how much of your living expenses are now being covered by your income, and the age that you plan to work part-time and when you plan to stop altogether.
The Illustrator will tell you how big your nest egg needs to be at retirement, and how much you need to save every year to meet your retirement income goal.
If you are typical of the baby boomers in the survey and plan to keep working in some capacity, you may be pleasantly surprised that your retirement income goals are within reach.
To try Merrill Lynch’s online income calculator, visit The New Retirement Illustrator. Note: to view the site and use the calculator, you will be asked to download the Macromedia Flash Player.