Will Baby Boomers Move When They Retire?
Baby Boomers make up 28 percent of the population in the United States. Over 76 million Americans were born between 1946 and 1964, and statisticians believe that this generation will live seven years longer than previous ones. Because of the size of this generation of Americans, their spending power has always swayed the national economy. As Boomers begin to retire, cities and active adult communities that house them will experience growth.
A recent study asked people in this age group about their retirement plans. One-third planned to move when they became empty nesters, and over half plan to move when they retire, or by the age of 55. Half of those questioned have no idea where they will settle, whereas the other half were almost equally divided into those who were interested in living in active adult communities (26%) and those who were not (24%).
Most Boomers want to live in a 55+ community that is multi-generational, whereas people age 59-70 do not consider this a priority. One-third are interested in an active-adult community located in an urban area, and another one-third are seeking a more natural setting. Some are seeking smaller communities, or setting more similar to country clubs, and many are interested in living without cold winters. Most Baby Boomers say that when they move they will seek a home that is smaller and is easier to maintain, such as those found in adult communities, or condominiums, where property maintenance is included in the ownership fees.
One concern that is common is that of being a sandwich generation. Some fear that aging parents will want or need to move in with them, and at the same time, grown children may also return. With rising healthcare costs, home care for the elderly is on the rise, and aging parents moving in may become a reality for many.
Most baby boomers plan to keep working after retirement age, or alternate work with leisure periods. This will have an impact on location, as many will need to remain within commuting distance to work. A lifestyle that alternates work and play will allow for a second home to occupy during the leisure periods. With the current economic slump, many who thought they would retire will be forced to stay in the workforce for longer, to rebuild their retirement savings.
The Baby Boomers have been trendsetters, putting their financial stakes where their interests lie. Their retirement plans are already bringing new active adult communities to the market place to serve their needs for a healthy, active lifestyle.
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Consider me one of the 26% moving to an active adult community! They better start building more homes if they are expecting 19 million people in the next few years.
Some will stay around and some will pull up stakes and move to warmer more user friendly climates. With the huge numbers of boomer “coming of age,” the only real question is; will there be enough retirement communities to satisfy those who are looking for more. And let me just conclude by saying…there is way more when you get away from the rat race of work and can find a community where you can become an integral part of the fabric.
For those starting to think about retiring, this website is an incredible resource to finding what is out there. Every community is different, so have fun looking because the real excitement begins once you find that perfect spot and start to live the “good life.”
I agree with the above comments. I vacationed in the Raleigh/Durham/Apex area. I was seeking “southern” hospitality. It seems as though the south is becoming like the big cities. I would love to find a community where I can become an integral part of the fabric. I wish that the builders would consider building more of the one level active adult communities in the Maryland area. It would be nice to find the “perfect” spot and start living the good life.
My husband and I are looking for an active community that provides more than just sun and golf. We are from the northeast and northwest and like the four seasons if there are year round activities and nearby small town events that aren’t too expensive. We love nature and after spenting so many years in the city because of work are looking forward to the small town again. I haven’t been able to find a place yet and am not intrested in the resort lifestyle. Has anyone found a place that fits the bill or am I going to have to build this community myself to have an affordable lifestyle with activities like crafts,RC models, physical fitness, workshop, library,organized events, dancing and drama. Maybe even classes in photography and other things I never had the time to do before. I agree that there should be an option of a home design that allows for the inlaw to have an area to themselves while still being included in the main home design. I have been looking in the panhandle of Idaho near the Sandpoint area. They have a huge lake, friendly people, plenty to do that doesn’t cost a fee to attend, plenty of nature and also a nearby ski area so there are year round activities. Does anyone have thoughts on this idea or have they heard of anything in this area?
I know my friends are all thinking the same thing wanting to get away. Our homes are way too big and we dont want the hassle, the kids have thier own families. A time for us is approaching. I have been researching this for quite some time being a baby boomer myself. Looks like we may have many options available to us looking through this site . My husband loves to hunt and fish. I love history and sculpting which I plan to get back into. I enjoy college towns, art, and interesting conversation with all ages. I am wondering if there is such an active community. I have been looking at South Carolina, and I now see Reno, Nv which I had not thought about. Close to Tahoe, Bay area and Vegas…Love this article and this site. Thanks Allyson
Suggestion for retirement. Savannah Ga. It’s got just about everything you need for keeping active with the arts and being close to the beach.
My wife and I just visited Sun City Peachtree, south of Atlanta but close enough to the metro area if you want to get back into the big city if you wish. Peachtree Sun City is very nice and a rural setting with some farms and horses in pastures. The complex is worth checking out if living 30 miles south fo Atlanta is appealing. For us, the appeal is enhanced by having our two grandchildren in Marrietta, north of the city.
What is the Perfect spot?
Dang, missed being on the site; just been too busy with Sun City’s 50th anniversary celebration and renovating our Del Webb Sun Cities Museum. Conveniently, that segues into the answer to the question…what is the perfect spot?
Every retirement community has its own nuances, its own flavor. You’ve got to try a couple/several and see if they feel/fit/taste right to you. The best thing you can do is visit them and see what you are looking for, what it is you want for the last third (or better) of your life.
I was a flaming workoholic and people told me i would never enjoy retirement. Too funny. I escaped at 55 and have never looked back. Work is way overrated in my humble opinion. Don’t get me wrong, i stay more than busy, in fact some days there aren’t enough hours in the day. The great thing is, i’m busy doing things i want to do.
We looked at 5 Sun City properties. we knew we wanted to get out of the cold climate of Minnesota and AZ seemed like exactly what we were looking for (we tried Vegas as well but it was just too busy). In the end, we opted for the original Sun City. It gave us loads of amenities at an unbeatable price. More importantly it was a community that relied on volunteers to run it.
I’ve always loved the idea of being able to give back, but while working, it was darn near impossible. Now, my days are filled with a nice balance of work and play. We totally remodeled our older home and it feels like we have put our stamp on it.
Seriously, shop around, compare and perhaps most importantly, get to know yourself…what is it you want? How do you want to live? I just find life a whole lot more simple when i’m not stuck on a freeway somewhere and the closest thing to a traffic jam is when i’m the third golf car back at a stoplight.
We retired and moved to Florida east coast just south of Daytona and New Smyrna Beach. The New Smyrna Beach area is filled with lots of art and culture, fishing in the Intercoastal Waterway is both beautiful and plenty of healthy fish that you can keep and eat. Then the New Smyrna Beach has been rated the top 10 best beaches in the country. This area is not so crowded and easy to get to. We love it here. There is an abundant supply of homes just south in Edgewater which is only minutes away and close to everything.
Baby boomers will continue to move. Most strive to keep it simple and I think it has been that way since. Boomers work hard and maintain medium to large families before retirement so most consider retirement as a way of cutting back and downsizing. We haven’t realized this until we moved to Alden Place in Pa. Most of our neighbors, like ourselves, have lived and worked full-time in nearby states—NY, Maryland to name a few—and we’re looking for place where they could minimize spending without compromising on comfort and enjoyment.