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Friday, March 4, 2011

While many Americans' retirement looks bleak because they don't have enough money saved, a majority of wealthy baby boomers in a new survey say their standard of living in retirement will top that of their parents.

Eighty-four percent of high-net-worth boomers, age 46 to 64, said their retirement will differ from their parents. Of that group, 86 percent said they plan to be more active, and 72 percent said their standard of living will be higher, according to a Bank of America Merrill Lynch survey of 1,000 people with investable assets of $250,000 or more.

Seventy percent of these boomers said they'll work in retirement, at least part time, "to remain more active and engaged"; 26 percent said they'll go back to school, 24 percent said they plan to learn a new trade, and 20 percent said they'll start or keep running their own business.

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