Baby boomers today are feeling financially prepared for retirement, Allianz Life reported Monday.
Not only that, more boomers think they can determine their post-work expenses and have the tools to figure out the retirement puzzle.
A report early in the summer said American workers' readiness for retirement compared favorably with that of foreign peers.
Allianz Life acknowledged in a statement that 63% of Americans fear running out of money in retirement more than they fear death, but said its research showed that boomers were exhibiting a new optimism.
Other recent research found that middle-income boomers were unsure about their prospects for a secure retirement.
Larson Research + Strategy conducted the online survey in May with 3,006 U.S. adults ages 20 to 70 with a minimum household income of $30,000.
Seventy-two percent of boomers in the poll said they felt financially prepared for retirement, up from 58% who said this in 2010.
In addition, only 32% of boomers said uncertainty about their financial future made it hard to know when they could stop working, compared with 50% who said they were unsure about when they could retire, if ever, in 2010.
Other positive indicators: Half of boomer respondents considered it "impossible" to determine retirement expenses, down from 60% in a 2014 study, and 36% thought they lacked know-how to figure out the retirement puzzle, down from 46% in the same study.
"The Generations Ahead Study highlights encouraging news for boomers and proves that with proper focus and engagement, anyone can turn around a poor savings situation and start building for a successful retirement," Paul Kelash, vice president of consumer insights for Allianz Life, said in the statement.
"Whether taking lessons from the past or forging a new path, the key for each generation is to recognize that a solid retirement plan doesn't happen by chance, but rather with a clear process and defined actions."
What's leading to boomers' stronger sense of financial preparedness and confidence?
A new frugality has taken hold, according to the study. Sixty-four percent of respondents said they were "savers" rather than "spenders," and 61% said they knew precisely how much money was in their accounts.
A quarter of these thriftier boomers described themselves as "penny pinchers."
As a result, more boomers are thinking seriously about saving for retirement, the study found. Sixty-five percent said they considered it a basic necessity, like food or housing. This compared with 58% of millennial respondents and 53% of Gen Xers.
Boomers' new frugal mindset has helped bolster their bottom line, according to the study. Boomers have the highest median amount in retirement savings among all generations at $175,000.
A third of boomers reported that they had $250,000 or more earmarked for their retirement years.
Allianz Life noted that boomers' optimism about retirement has implications for the advisor-client relationship.
