02 Nov Baby Boomer Retirement Expectations Continue To Falter
Retirement expectations among baby boomers have changed drastically over the last two yeas. From expected investment returns to the increased concerns about the cost of living, most boomers are about to retire in a way that seems totally different than once imagined.
According to a recent poll commissioned by Humana, 42% of baby boomers surveyed expect a sharp decrease in their investment returns. In addition to a smaller margin of return, 21% of those polled expect to begin a new career upon retirement. This won’t be caused by boredom but by necessity as many boomers are taking care of others instead of themselves.
According to the poll, almost half of all baby boomers feel that tending to the health and well being of others comes before their own health and happiness. Across the board, boomers are giving up free time for personal hobbies, skipping vacations, and dipping into personal savings in order to care for aging parents. This coupled with millenials moving back home due to a weak job market makes multigenerational housing a need in today’s market.
As boomer retirement expectations continue to drift from resort style living, builders and developers are creating floorplans, communities, and amenities that are conducive to boomer attitudes and lifestyles. This includes multigenerational floorplans and community amenities that appeal to both boomers and their parents. For some the golf course retirement dream is on hold and I am not sure if anyone truly knows when the days of a lavish retirement will return.