Baby Boomer Generation - The New Retirement Plan
By Anonymous
Every generation rewrites the rules to suit themselves and when it comes to retirement, the baby boomer generation is no exception! Baby boomers have lived differently from their parents and when it comes to baby boomer retirement living, they have vastly different plans as well.
Cycles of Activity
Unlike their parents, who passed from full time work to full time leisure
upon retirement, many baby boomers intend to vary their post-retirement activities.
When it comes to baby boomer retirement living, almost half consider cycling
between work and leisure, while others consider part time work. A notable percentage
also have aspirations of owning a small private business, while a smaller percentage
never intend to stop working full time. When it comes to baby boomer aging needs,
this generation expects a great deal more out of its retirement than just some
time to sit around!
Varied Post-Retirement Plans
Compared to their parents, baby boomers have extremely varied and ambitious
plans for their retirement. Many baby boomers surveyed planned to travel extensively,
while others have plans to pursue their dreams of owning a small business. While
some are seeking lives of active leisure, others are taking a deeper interest
in the world around them and putting their efforts into volunteer work. What
was previously known as the "me" generation has matured into a generation
of adults who are seriously concerned about the world they are leaving their
children.
Health Concerns
When it comes to retirement planning for baby boomers, many of them are concerned
about what mounting health concerns will do to their finances. Among the largest
concerns are paying for health care and ending up in a nursing homes. It also
seems that baby boomers fear falling ill more than they actually fear dying,
as illness can cause a great deal of both emotional and financial strain. Baby
boomers also take a more active role in their own health than their parents
ever did, and between the longevity and the better health that comes with more
exercise and less stress, baby boomers tend to be healthier than their parents
were at the same age.
Longer Lifespans
With retirement generally comes a better standard of living; with Social
Security setting the expected retirement age at 65, baby boomers are living
longer, resulting in more time at their disposal. This has lead to increased
activity during retirement, and while most baby boomers do intend to settle
into leisure at some point or another, this tends to begin later than it did
for their parents. Baby boomers live in retirement longer than their parents
did and they end up doing more with their time as well.
More on Retirement for Baby Boomers
Saving For Retirement: You Have More Options Than You Think
Putting Pencil to Paper or Why You Need a Retirement Calculator
Have You Thought of Your Retirement?