06 May The Metlife Study Of Boomers In The Middle
This study examines the largest portion of the baby boomer generation, which are boomers born between 1952 and 1958 that will be 52 to 58 years old in 2010. MetLife describes it as the traditional middle child situation that can be seen in most families. This age group shares many of the same characteristics of both the younger and older boomers but also bridges the gap between them by sharing some of their key characteristic. This Middle Boomers represent 38% of all boomers and about 10% of the U.S. population making them an important demographic for homebuilders specializing in retirement living.
Key Characteristics of the Middle Boomers
- More than half still have children living at home
- Two-thirds have one parent still alive
- More than 60% are still working full-time
- Describe themselves as being in “good health”
- Concerned about the affordability of future health care costs
- 86 % are homeowners
- 72% have been providing financial assistant to their children or grandchildren
Where do they stand financially?
According to the study, 50% of the Middle Boomers consider themselves behind on their retirement savings. This has a direct correlation with the majority still holding full-time jobs, the 8% working part-time, and the 5% looking for work. With their children living at home and receiving financial support, the Middle Boomers like most other boomers are facing a retirement like no other. With so many financial burdens and raising concerns of health care costs, boomers are being forced to change the way they view retirement.
The study notes that priorities are shifting away from traditional resort style retirement. Middle Boomers, along with most boomers, are becoming more concerned with their families future, financial security, and personal well-being.
This study clearly reveals that this large group of retiring boomers will be looking for something that will be comfortable, not extravagant. This isn’t to say that the resort retirement lifestyle is dead but the baby Boomer generation in general will be looking for something more practical and financially sound. If you’re in the 55+ market I suggest you take a look at this MetLife study. This is only a quick overview of its contents and I think reading the study in full would be very beneficial.