Australia's 'baby boomers' (consumers aged 45 to 64) are set to change the face of retirement as they plan to travel, take up new hobbies, spend time with family and work at least part time, according to a survey released by Commonwealth Bank.

<p>The bank&#0039;s Lifestyle Aspirations survey also revealed that not only do almost 60% expect their retirement lifestyle to be better than their parents&#0039;, more than two thirds (68%) believe they will be able to afford to live the lifestyle they want.<br /><br />Unlike their parents, this generation sees retirement as the chance to live life to the full and do the things they put off earlier in life due to other commitments. When it comes to financing these plans, a significant proportion of baby boomers are already making preparations to see them on their way, says Tim Gunning, general manager of Commonwealth&#0039;s financial planning unit<br /><br />According to the bank&#0039;s survey, in anticipation of their retirement, baby boomers are actively taking control of their finances: 56% are building assets such as shares and property, 44% are making regular additional superannuation contributions, the same percentage have sought advice from a financial planner.<br /><br />They plan to spend their savings in retirement on things such as home renovations (40%), upgrading possessions (40%), eating out more (40%) and their grandchildren and children (44%). Travel and hobbies also feature heavily in the plans. Some 85% expect to travel within Australia or overseas and 73% plan to take up a new hobby.</p>