How Is Retirement Different For Baby Boomers Than It Has Been For Previous Generations?

Baby Boomers Are Retiring Differently

I planned for retirementCompared to previous generations who generally lived in the same home until they died, and retired peacefully with the occasional travel to the south in the winter, with summers spent puttering in their gardens; the face of retirement is changing.  Baby Boomers have always beat to a different drummer.  As technology has allowed for a longer life span, baby boomers have many new opportunities available to them in retirement.  On average they will live 10-25 years longer than their parents, and upon entering retirement, many are healthy enough to run businesses, participate in marathons, and many other physically exerting opportunities.  Thus, nice retirement communities, and other “typical” retirement options, have become less appealing to the average baby boomer.

What Are Baby Boomers Doing With Their Retirements?

Rather than settling down in a nice retirement community, many baby boomers have found the small town quiet lifestyle to be more appealing.  A small town offers the quiet of a retirement community, but can also provide new employment opportunities, and a laid back lifestyle.  Others have moved to urban to make ease of travel a priority by utilizing public transportation and other amenities.  Still others have moved in with adult children out of financial necessity.

Finances Are A Huge Obstacle For Baby Boomers

Unfortunately, even though Baby Boomers will likely live longer than previous generations, their financial outlook for retirement is also much bleaker.  Many are upside down on their homes, and have suffered a loss in retirement savings due to the financial problems facing the U.S. economy.    We have a generation of spenders about to retire, who have not been taught the principles of scrimping and saving to reap the benefits at a later date.  The average boomer is around 500k short of what they would need to retire comfortably.  Thus, retirements are being delayed, and many are working longer into their 70s and beyond.

What Do You Want For Your Retirement?

Does it interest you to use your retirement to forge a new career, or follow a cause you believe in?  Are you still dreaming of a life of leisure in small town America?  Basically, the new trend in retirement is opening up all kinds of options for retirees.  However, in order to avoid being the small percentage that ends up moving in with the kids out of financial necessity, it is time to do some significant saving and financial planning.  Planning now allows for you to have the retirement of your dreams without the burden of financial problems.  Speak to a Redhawk financial advisor today to begin your journey towards a financially independent retirement.

 

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