Pre-Retirees Also Value Gifting

A news release said along with preserving savings (86%), these priorities outrank managing debt (77%), saving for the future (73%), owning a home (71%), building an emergency fund (66%), and helping children financially (61%). According to the results, charitable giving ranked as high in importance as budgeting among adults age 50 or older.

“We know that investors want to be fit financially, but they also want to help others do well by giving back to support their communities,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab, in the news release.

Schwab also found that the majority of boomers see paying off their mortgage as an important goal and milestone in reaching retirement. Sixty-three percent of investors age 50 and older have either already paid off their mortgage or are planning to do so before they retire.

However, the difference in the cost of living and housing in metropolitan and outlying areas reveals a logical gap; 53% of those who live in less developed areas are more likely to have a mortgage that is paid off as compared to 39% of metropolitan residents.