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Baby Boomers De-bunk Retirement Myths

by Dena Kouremetis

Baby Boomers. They are predicted to live longer, be healthier and more active, work well past their parents' retirement age, start second careers, and dash all stereotypes we know as the "golden years." They're better educated, better invested, and expect much more than their parents from their "over-fifty" years. And they're one of the biggest demographically influential generations to ever hit the census charts.

Some revealing new statistics have come out of a recent national survey conducted by the Del Webb Research Department, a study polling two groups of people; those aged 48-52 (the oldest Boomers) and those aged 65 and over. The polling took place across the United States and included 800 participants from every income level.

Without even realizing it, Boomers will be redefining retirement in the 21st century, and Del Webb Corporation, the nation's leading builder of active adult communities, will be positioned to help with that effort as never before. With Boomers now becoming the "Establishment" they taunted so many years ago, they are far from finished with the working world, higher education, and getting and staying fit, compared to their post-war parents.

"This survey was a real eye opener," admits Judy Bennett, Public Relations Manager for Del Webb's newest resort-style active adult community, Sun city Lincoln Hills in Northern California. "Even if we assumed some of the results were true, the study really detailed what Baby Boomers are looking for and what they envision for themselves."

Indeed, some of the statistics literally jump off the proverbial page they are printed on. For example:

As of January 1, 2000, one Baby Boomer will turn 50 every 9 seconds

During the birth "explosion" of the Baby Boomer years (1946-1964) 76 million Americans were born. Today, they represent 28 per cent of the population.

1957 saw the most births in any year in the history of the country, with 4.3 million babies born. Most experts are saying that the Baby Boom phenomenon is a one-time event, not likely in succeeding generations.

For the past 35 years, the age of the average American worker has literally been driven by this generation.

61 per cent of Baby Boomers are likely to work for pay 20 hours a week, in comparison to only 19 per cent who would do so aged 65 or over.

Half of all Baby Boomers claim that their retirement lifestyle will include working part-time, and 33 per cent will set additional career goals for themselves after "retiring" from their primary career.

75 per cent of Boomers believe they will be better prepared for retirement than their parents, while 50 per cent do not know how much they'll need for it.

What does all of this translate into when companies like Del Webb Corporation builds brand new active adult communities like Lincoln Hills? "We're geared up to provide just about everything and anything Baby Boomers want out of life," says Bennett. "We not only know what they like to do; we know what kinds of homes they may be looking for."

For instance, Boomers tend to want great rooms first and foremost. Tossing away the need for formal living, they delight in centrally located gourmet kitchens, need high-tech home offices designed for multi-media and computer tasks, and will set aside room in their homes for exercise areas. Boomers are much less likely to give up on swimming pools as compared to previous retirees, demand energy efficiency in their new homes, and about half want to retire in a house about the same size as their current one.

"Leading edge" Boomers (those turning 50-55 within the next five years) are likely to choose an active adult community, such as Del Webb Lincoln Hills, when they retire. Why? "Golf course surroundings and the resort lifestyle is what many enjoy, at least when they are not pursuing their second careers," laughs Bennett. Leaving shuffleboards and horseshoes in the dust, Boomers instead will look to golf, swimming and jogging for exercise. Some even said they would be roller blading and skydiving in retirement! And with only one person per household limited to being age 55 or older, Lincoln Hills may well be stocked with some residents in their 40's as well, participating in activities oftentimes more demanding than their grown children have time for.

Whatever else this new Del Webb survey reveals, it makes it clear that Baby Boomers, unlike any generation before them, will "push the outside of the envelope", challenging all stereotypes we have come to believe true of retirement living.

Also See:

Baby Boomers are Moving to Empty Nesters

When Is It Time To Sell ? The Empty-Nester Dilemma

Builders Anticipate Boom In Baby Boomer Second Home Market

Baby Boomers are Moving to Empty Nesters

Published: February 8, 2000

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A veteran of the real estate and homebuilding industries since 1986, Dena Kouremetis first joined Realty Times as a new homes writer in 1998. Since then, she has authored four books, written consumer columns on new homes issues for websites and newspapers all across the country, contributed to builder trade magazines, appeared as a guest expert on several radio shows and even created a ten-chapter podcast for LendingTree.com’s homebuilder website, iNest.com, now available on iTunes, entitled Uncharted Waters; Navigating the Purchase of a New Production Home.

Kouremetis recently joined her local Folsom, CA Coldwell Banker office as a broker associate while continuing to write for the real estate industry. For the past three years, she has been training real estate agents for both the resale and new homes industries, putting her experience, research expertise and gift of expression to work to help others entering the business.

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