Did you know… Baby Boomers are entering their retirement years and are actually reinventing what it means to be retired.
We are sharing baby boomer retirement trends so you, your friends, family and co-workers can be prepared.
A recent study examined how retirement is changing in America.
This is how retirement for baby boomers will be different from the previous generation.
Baby Boomer Retirement Trends:
- Living Longer – Good news…men who will turn 65 years of age in 2030 can reasonably live six years longer than those who turned 65 in 1970. Women’s life expectancy increased four years for the same time period. Because the gender gap in longevity is shrinking, the projection is a big decline in the share of older women who become widows.
- Better Health – Most older people are enjoying better health as they live longer. However, diabetes diagnosis for the 51 to 54 age group rose five percent from 1992 – 2010. This is a significant statistic…watch your sugar intake and exercise several times a week!
- Do-it-yourself Retirement Planning – Traditional pension plans cover about 30 percent of adults born in the 1940s – 50s. However, they are expected to cover only 11 percent of adults born in the 1980s…401(k)s are not quite as generous as they previously were.
- Working Longer – Better health may be the reason some people are staying at their jobs longer. Others delay retirement to stash more money in their 401(k) plan. Working longer is one thing you have control over as you get older and you can reap the benefits financially .
- More Debt – The bad news is that baby boomers are entering their retirement years with debt. Adults age 65+ with debt increased from 30 % in 1998 to 44% in 2012. Part of a retiree’s income will need to go toward debt repayment instead of paying for current living expenses.