65 has been the magic age at which an American worker is supposed to leave the workplace behind and retire. Given relatively recent economic conditions, Baby Boomers who watched their parents retire comfortably are now left wondering if they will be able to do so too.
During the “Great Recession”, working adults between ages 50 and 64 have taken a substantial hit to their retirement savings and in some cases their home values. To make matters worse, they are projected to be among the first who will not receive full Social Security benefits until age 66 (67 if they were born after 1959). Many are now rethinking how they will retire.
Baby Boomers are starting to rethink their plans for post-work years and adjusting their attitudes about this next phase of their lives. They are retiring later, working longer and/or thinking about part-time jobs after retirement.
Aging Boomers are still trying to hold onto their dreams. Though most are concerned about retirement, the majority still think there may be one more move in their future. About 40% still think they may stay in their current home. Still others may down-size their home or even move to a new community or state to adjust their living situation to accommodate their retirement financial goals. The numbers indicate that seniors’ relocating is on the increase.
The main reasons for relocation may be proximity to family, reduction of household expenses or lifestyle needs.
Though Boomers and recent retirees are active and would like to stay that way, they are proactive in looking for features that will make their lives more comfortable, convenient both now and in their future. Important considerations in choosing a community are:
- proximity to current employment
- access to part-time employment
- a community with quality design
- high quality health care facilities
- good access to transit
- recreational areas like parks
- nearby shops and restaurants
Important considerations in choosing a home:
- services that will free up time
- one-floor living or downstairs master bedroom
- high-speed internet
- security system
- energy-efficient appliances and systems
- design features like wide doorways, bigger bathrooms and grab bars
- luxury on a smaller scale
Boomers and recent retirees are facing the worst economic climate in 80 years. They still want to spend their later years in a home and community that gives them comfort and convenience that they are accustomed to. They may have to work longer than planned but they still plan to achieve the American Dream.