Wednesday, December 3, 2014

Why Boomers are Changing Retirement

Everyday, thousands of baby boomers turns 65 or even older, and since these boomers are predicted to live longer than their parents, they are expected to redefine or reinvent retirement. Unlike their previous generations, boomers are more active and plan to work longer, however, baby boomers are not good savers like their parents, most of them fail to saved adequately for retirement. And while they have a large percentage in the population, study shows that many baby boomers are likely to live alone during their old age.

These issues are some of the focus of their retirement and things that affects why boomers are changing retirement. Although they are worried if they have enough money that will allow them to live comfortably and independently, a lot of them are also struggling to help out with family finances, either for their parents or their children. Boomercafe have shared their views on how baby boomers are redefining retirement in one of their blogs.

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We maybe aware that many baby boomers desired to remain at home in their retirement years, thus, retirement communities, assisted living facilities and other long-term care homes were not appealing to them. However, this may not be easy especially if they have to make some home improvement to make their homes a more comfortable place to live especially when they are already needing help in performing activities of daily living. Their solution is to downsize their homes and move to a smaller house which requires less maintenance.

Whichever trends or strategies appeal the most to baby boomers, it still boils down to one thing, planning is necessary whether you decide to work longer or retire earlier.

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