The quarterly retirement survey, which outlines how consumers plan for and approach retirement, showed 86% of adults aged 50 and over ranked savings as their highest priority, with 79% putting an emphasis on charitable giving.

"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.

Managing debt and saving for the future was also ranked high on the respondent's lists, at 77% and 73% respectively, followed closely by owning a home at 71%, building an emergency fund at 66% and helping their children financially at 61%.

Schwab said that paying off mortgages also ranked highly with boomers, with 63% reporting they either already have paid off their mortgage or plan to by the time they retire.

The survey also showed that 84% of boomers have not yet retired, with one in five indicating they are not planning to any time soon.

More than 830 baby boomers across the country participated in the The Charles Schwab survey, which was conducted between February 18 and February 27, 2011.