Earlier this year, Del Webb released a “preview” of its 2010 Baby Boomer Housing Survey that showed that interest in age-restricted housing appears to peak after age 50 and those that are planning to move again, almost 10 to 1 indicated a preference for an age restriction in their next choice for housing. The full survey fills in all the details and finds that changing attitudes are leading to changes in latitudes when it comes to decisions on retirement housing. According to the survey, Boomer movement is defined by what they do with their life and mind that makes a difference in how they live, work and play and portrays a highly mobile demographic. Some of the highlights include:
Trends on Moving in Retirement:
- About 1/3 of Baby Boomers plan to move to a new home during retirement.
- The desire to move during retirement is on the rise as 42% of today’s 50-year-olds plan to do so as compared to 36% among the 1996 50-year-olds.
- Approximately 50% of both age groups who plan to move during retirement plan to move to a different state while about 25% of them plan to move to a different city within the same state.
- The Carolinas are the New Florida among both the younger and older Baby Boomers. Florida, Tennessee and Arizona remain Top 5 contenders.
- “Cost of living” and “healthcare” were the MOST important considerations in selecting a location for both age groups; trumping a “favorable climate,” which was the most important factor in 1996.
- Interest in age-restricted appears to peak after age 50. Of those Del Webbers who are planning to move again, fully 10 to 1 indicate a preference for age restriction.
Working in retirement:
- The vast majority of both those planning for retirement and those living retirement are planning to include working as part of their lives.
- Among young boomers, 72% plan to work. For older Boomers not yet retired, 74% plan to work. In the 1996 survey, 68% of the 50-year-olds surveyed said they planned to work
- Today’s 50-year-old Boomer anticipates retiring four years later.
- Compared to 50-year-olds in 1996, today’s 50-year-olds plan to retire a median of four years later – Age 67 vs Age 63.
- Of those turning 50, 54% anticipate retiring from their primary career after age 65; 0f those turning 64 and still working, 8% plan to retire over the next few years, and 74% after the age of 65.
- 14% of 50-year-olds and 18% of 64-year-olds who are still working never anticipate retiring.
- Among current retirees, just under 40% report actually working since retiring.
- Finances- Fulfillment & Fun – While finances are a common reason for why many will continue to work, other top reasons include:
- “Warding off boredom/keeping busy”
- “Self satisfaction”
- “Simple enjoyment”
“Baby Boomers have a much different mindset toward growing older than earlier generations,” said Deborah Blake, Del Webb creative director. “Feeling older is just a state of mind for many of them – one that most have no interest in. Many consider themselves healthy and active, primed for the next part of their lives with no plans to slow down anytime soon. They want to do it all as they enter this next phase, from working longer to trying Zumba and acting classes to volunteering their time.”
Del Webb has conducted these surveys since 1996.