What a Boomer Wants: Luxury Versus Basic Needs in Retirement

Boomer gets what boomer wants?  Maybe not so fast according to a study entitled MainStay Investments’ Boomer Retirement Lifestyle Study.  Healthcare was the most basic need that nearly all those surveyed (98%) responded that they need and expressed concerns about affordability of healthcare.  More than half of the consumers indicated they would rather work longer to pay for healthcare expenses, rather than give up luxuries in retirement. Some of the basic needs outlined by Boomers in the survey are:

  • internet connection
  • shopping for birthdays and special occasions
  • pet care
  • an annual family vacation or weekend getaways
  • having eldercare/home aid
  • professional hair cut/color
  • funding children/grandchildren’s education.

“When it comes to lifestyle, Baby Boomers are redefining what constitutes a basic need and what they consider a luxury.  We have clearly expanded beyond the three traditionally thought-of necessities – clothes, food and shelter.  Our study aims to explore the things in life that are most valued, and to analyze what Boomers say they will do to continue to enjoy a more robust life in retirement," said Matthew Leung, director and head of practice management programs at MainStay Investments.