On the heels of recession and having weathered an economic storm that sank retirement portfolios and left many retirees seeking alternatives to retirement, many in the middle-income bracket of Boomers say they have since redefined their retirement expectations.
More than half of these upcoming retirees believe their retirement care will not be the same as it was for previous generations, according to a report from the Center for a Secure Retirement.
Largely, this population, defined by the study as Americans ages 49 to 67, who have an annual household income of between $25,000 and $75,000, believes it will be more active and more satisfied in retirement, but that it will not be able to rely on care from family members or insurance provided by former employees.
Further, a majority say they wish to age in their homes, while 30% say they prefer an independent living community as a place to receive care in retirement.
And of those surveyed, only 8% have a detailed plan for retirement, versus 72% who have no plan and one in five who have a “rough plan.”
The survey was conducted in April 2013 by the Bankers Life and Casualty Company Center for a Secure Retirement. View the survey results.
Written by Elizabeth Ecker