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Retirement is a big part of the American dream, but many Americans don’t have a clear picture of what retirement means to them. They often worry about the “how” of retirement, as in “How will I afford to retire?”, but the rest of the picture may be rather vague. To bring that image into focus, let’s go back to the basics of who, what, when, where and why.
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Many Baby Boomers have invested in savings plans with the expectation of taking an early retirement. However, retirement savings are often not enough to cover the costs of health care for those who are uninsured. This forces many potential retirees to either continue working to maintain their employer sponsored insurance plans, or retire and risk living without insurance until they are eligible for Medicare.
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Millions of active adults suffer from varying degrees of arthritis, and conflicting as it may seem, activity may be both a cause and part of the treatment. While there is no actual cure for arthritis, the subsequent pain can often be lessened with certain lifestyle changes. Active adult communities offer many support options when it comes to this very common affliction.
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Whether you are approaching retirement or have already retired, you may be considering starting a second career. Many Americans in their 40s, 50s, or even their 60s, reach a point in their lives where they feel like it is time to take on a new challenge. However, the idea of starting at the beginning all over again can be intimidating. Consider the following steps when exploring a second career.
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InsideFacebook.com recently released the latest and greatest statistical data regarding demographics of users based on age and sex. What’s really exciting is the continued baby boomer Facebook boom! Year over year, from February 2009 to February 2010, Facebook users age 55 to 65 more than doubled from 3% to 7%.
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In February and March of 2009, baby boomers were the fastest growing demographic among Facebook users. A few short months later the activity for Facebook users in this age group dramatically declined. Speculation has been rampant over both the 55 and older Facebook boom and its subsequent rapid decline.
When baby boomers began flocking to the popular social networking site reporters asked, “Will this kill Facebook?” Many speculated that the younger generations would be unhappy to share a social networking site with their parents and grandparents. It was suggested that teens and young adults would leave in droves.
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Baby Boomers make up 28% 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.
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A recent study released by the National Association of Home Builders (NAHB) and MetLife Mature Market Institute revealed that a growing number of Baby Boomers are opting for age-restricted communities. Adults have been flocking to 55+ aged active adult communities in growing numbers to take advantage of active lifestyle options and low maintenance ranch-style housing.
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Over the last several decades, the average home size in active adult retirement communities has increased each year. Last year, the National Association of Home Builders noticed the long-standing trend of “bigger is better” finally halted. In mid 2008, the average size of a new construction single family home was 2,629 square feet compared with just 2,343 square feet at the end of 2008.
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It is no secret that the Baby Boomers are changing the concept of retirement living. Whereas older generations flocked to Florida or moved to nursing homes, Boomers are redefining the retirement living landscape. Many retirees will pick up and move to a new home or a new state. But the fact is a majority of Baby Boomers will stay put right in their existing homes. A study conducted by the AARP noted that 71 percent of people 45 and older “strongly agree” that they wanted to remain in their current home when they retire.
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With almost 3 million baby boomers turning 62 this year, they enter into a life transition that has almost become a rite of passage — planning their ideal dream retirement. With that, usually comes planning a physical move toward a new lifestyle, which generally leads to moving to a new home or location. All of this can be an exciting opportunity in terms of the real estate market, both for the early retiree and for the real estate market builders and investors.
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The AARP recently compiled a report “How Well Do You Know Boomers?” The report focuses on dispelling 10 Boomer Myths by separating fact from fiction. “Boomers are redefining age and changing the way business is done” said Howard Byck, VP Corporate Development for AARP Services. “Contrary to many common assumptions, Boomers are making retirement obsolete, are very savvy about advertising, and are experimenting with new products.”
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