RJ and Makay

When it comes to putting away money for retirement, women generally trail men by a wide margin, suggests a recent study by financial services research and consulting firm LIMRA.

"Women's average defined contribution (DC) plan balances are only 60% of men's," reports Cecilia Shiner, a senior analyst at LIMRA. "This is especially concerning because women live longer than men and thus need more retirement savings. In addition to a longer average lifespan, women are more likely to have work disruptions for caregiving that hinder their capacity to save. Therefore, they need to capitalize on savings opportunities while they are working."

If you had to pick a phrase to describe Baby Boomers' vision for themselves in retirement, it might be "better off than their parents." According to Bank of America-Merrill Lynch's quarterly poll, Affluent Insights Quarterly, 86% of Baby Boomers intend to have a more active lifestyle in retirement than their parents. Seventy-two percent plan to have a better standard of living.

To remain active, 32% of Boomers said they'd keep working, 26% planned to continue their education, and 24% intended to learn a new trade. Twenty percent said they'd start or continue to work in their own business.