7 Ways Boomers Are Redefining Retirement
According to a recent NBC News report, the generation of baby boomers that broke the mold in every stage of life is continuing to do the same when it comes to retirement. Here are 7 ways that boomers - 10,000 of who reach retirement age every day - are redefining retirement:
Going overseas. The adventurous boomer generation is packing up and moving out of the U.S. to countries where living costs are lower, the pace of life is slower and the climate is warmer. It is estimated that as many as three million boomers may retire overseas in the next 20 years.
Becoming entrepreneurs. Boomers age 55 to 64 accounted for approximately 49 percent of all business startup activity in 2011, according to the Kauffman Foundation.
Going digital. Boomers are plugged into the digital revolution, and are the fastest growing demographic segment to use social media networks.
Taking on more debt. Higher debt levels are following boomers into retirement, due primarily to the refinancing boom prior to the housing crash that had them cashing out home equity for education and other expenses.
Living longer. The life expectancy rate has risen two years, to 75.7 years, for men and by 1.5 years, to 80.8 years, for women in the last decade. Unfortunately, most boomers are underestimating their life spans when it comes to retirement planning.
Providing more financial support. Almost 58 percent of boomers are providing financial assistance to aging parents and a whopping 93 percent say they provide some sort of financial support for their children.
Not flocking to Florida. Boomers have not followed the previous generation to retirement havens in Florida and Arizona. Instead, the states with the highest growth rate of retirees include Texas, North Carolina, Nevada, Colorado, Idaho and Georgia. Boomers are moving to be closer to their kids and to large university towns that offer cultural diversity and affordable housing.
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