The quest for “the good life” continues to drive Baby Boomers to sacrifice today, so that they can enjoy the finer things tomorrow. According to MainStay Investments’ Boomer Retirement Lifestyle Study, 76% of the Baby Boomers surveyed (age 45-65 that are not yet retired) say they are willing to spend less now to invest for a more comfortable lifestyle in the future. Forty percent of the Boomers surveyed said they will have to delay retirement in order to afford the lifestyle they want to live. Besides working longer, Boomers are saving more, adjusting their portfolio allocations, and seeking help from financial advisors–in that order. In addition, the majority of Baby Boomers believe that healthcare coverage, internet connection, shopping for birthdays and special occasions, and pet care are basic needs. And about half of those surveyed consider annual family vacation or weekend getaways, having eldercare/home aid, professional hair cut/color and funding children/grandchildren’s education to be basic needs as well.
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