Popular research shows that the second half of the baby boomer generation feels totally unprepared to retire anytime soon. A current survey suggests that over 41% of baby boomers feel that they will never be ready to retire. In fact, many haven’t even begun to start saving for their retirement. I think this might be a little bit of an over-statement, but it really demonstrates their attitudes and confidence in the current market.
My prediction is that these worrisome boomers will still be able to retire one day, but just not in the manner they envisioned just a few years ago. The extravagant amenities including the prestigious golf courses and warm weather locations might be a thing of the past. It appears that the Del Webb home building company is investing in this ideology.
Del Webb, one of the few nationally recognized home building companies for active adult, is taking a step back from their home product plans and adjusting for the current economic climate.
This company understands that retiring boomers will still want to move, but desired retirement locations are much different than those of the past. The large home-building company is building more and more retirement homes in North Carolina and South Carolina due to their lower costs. They are also enhancing how affordable their homes are by downsizing their floor plans to meet stricter retirement budgets.
Another interesting note is that Del Webb is adding certain amenities such as a home office to serve boomers that still work. I believe this will be an emerging trend for the 55+ housing market. As retirement age increases, the 55+ consumers will still want to relocate at the normal retirement age, but may still need to work in order to live comfortably. Maybe continuing to work at home will be a choice retirees make in order to live the lavish retirement lifestyles they were once looking forward to. This is a trend to keep your eye on.