Baby Boomers and Retirement
A recent Spectrem’s Millionaire Corner retirement income survey showed an almost even split of investors still living in the same house and those who have moved elsewhere (53 percent vs. 47 percent).
Sixty-three percent of retirees said they had moved. Among these, almost 90 percent were living in a home they had purchased and nine percent in a second home they had owned for some time. Approximately one-third reported having a mortgage on their home.
When Baby Boomers retire, where do they plan on going? Almost forty percent would enjoy moving to a rural community, while more than a quarter would prefer a traditional retirement community (27 percent) or a city (28 percent).
While forty percent of investors surveyed said having a low-maintenance home is the number one factor in choosing their retirement residence, seventy percent said they would be willing to renovate or upgrade their next home to fit their specific needs.
Baby Boomer investors feel that their new retirement home would be a nice place to visit, but they wouldn’t want their children to live there. 80 percent do not expect family members to move into their home in the future.
Seventy-two percent of respondents who are still working said they plan to retire in the same state in which they currently live.
Almost a quarter of Baby Boomers plan to buy a second home to use as a vacation or beach house during their retirement years. Also, more than thirty percent said they are more likely to want to sell their home now than they were four years ago.
For more information on Spectrem Group research of Baby Boomers, click here