Baby Boomer Retirement? Fuhgeddaboutit! . / Credit: Pension warning signs image via Shutterstock

Retirement once conjured up images of green golf courses, sandy beaches and endless hours of worry-free leisure. No more, at least for Baby Boomers, a new survey shows. Though they are looking forward to retirement, their outlook is bleak — the average working boomer has only saved 49 percent toward his or her retirement savings goal.

They're not alone. Two out of three Americans say they are not looking forward to retirement, according to a survey conducted for TD Ameritrade, an investment services company. For 30 percent of respondents that sentiment is fueled by the fear of not having enough money saved in time.

Most Americans (80 percent) envision having to work part  or full time in retirement. On average, they think they will need income for 18 to 22 years of retirement, slightly less than the 20 to 25 years that statistics indicate they will actually need.

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Eighty percent of respondents said they believe they will require the same amount of income they currently live on or less, but this may not be realistic given that inflation and rising health-care costs can significantly impact financial needs.

 In fact, one-third of those who are currently retired say they have had to change their style of living – and almost a quarter of them have gone back to work, the survey found. Their advice to younger generations: Save as much as you can as early as you can, establish a financial plan, limit expenses and work longer.

"There’s no doubt the economic climate in recent years has presented significant challenges for those planning ahead and saving for retirement," said Lule Demmissie, managing director of investment products and retirement at TD Ameritrade. "They key is to focus not on what you can’t do, but rather what you can. Consider how you navigate challenging issues and move past them to achieve your financial goals."

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