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How Baby Boomers Will Change Retirement

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Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

How Baby Boomers Will Change Retirement (Planning)

Every generation will leave their mark somehow, someway. While we can never be sure what their mark will, it seems that the baby boomer generation will leave its mark on retirement (and what future generations will think about it for years to come).

An article published in Senior Living (based on a news release from Merrill Lynch) detailed how retirement will be changed by baby boomers, by mixing work and play, like no other generation has done before. Here are some of the ways baby boomers will change retirement as we know it:

  • There is a new retirement turning point coming. The average baby boomer is likely to retire from their current job/career at the age of 64 and launch into another one. In a sense, the retirement age will be the basis for changing your career path, not removing yourself from the game entirely.
  • The "longevity bonus" will create a new stage in life. The fact that baby boomers are living longer than pass generations will ensure that they remain active longer, retiring, if at all, in their late 60's (or early 70's) instead of their early 60's.
  • Baby boomers will reject a life of full-time retirement or full-time work. Retirement used to be about retiring completely to a Florida community and never working again. In the future, retirement will become more about the balance between life and work, not just one or the other.
  • Baby boomer women are thinking of retiring to "Mars" and baby boomer men are thinking of retiring to "Venus." Men are looking forward to working less, relaxing more and spending more time with friends and family. Women are looking at retirement as a way to develop professionally, become more involved with the community and continue personal growth.
  • One retirement plan does not fit all. With the growing uncertainty over government programs, baby boomers continue to look for alternative ways to supplement their retirement. What worked in the past, doesn't work anymore, leaving baby boomers open to alternative retirement planning methods.

There are many options available in order to supplement your retirement. 

Interested in a reverse mortgage or simply have questions? Let us know at PS Financial Services by calling (888) 845-6630 or sending us an email at info@PSReverseMortgage.com. We do not pressure those who inquire.

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

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Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

Show All Comments Sort:
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Phil~ I believe that's an accurate statement. Baby Boomers WILL change how retirement is viewed going forward.

Dec 09, 2013 01:57 AM
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Donna, I believe so too. Changes will need to be made and, whether fortunately or unfortunately, baby boomers will have to be the first ones to try out a new kind of retirement. Thanks for stopping by!

Dec 09, 2013 02:02 AM
Randy Mitchelson,APR
Marketing Advisor & Squeeze Mortgage - Bonita Springs, FL
First Impressions are made at First Click

As baby boomers age imagine the infrastructure we will need to support them in old age (assisted living, medical services, etc.). Do you think there will be an assisted living boom in the construction industry ?

Dec 09, 2013 09:35 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Phil- as a Baby Boomer, I concur with you.  60 is the new 40 (or at least that's what I keep telling people), and many of the Boomers in my networking group are going into their 2 or 3rd career. 

Dec 09, 2013 09:53 AM
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Randy, there could be, most likely will be, the problem is how expensive these services have (and will) become. Regardless of how much they build, if retirees can't afford it, it will be useless. If they find themselves in excessive debt because of it, it'll be useless. If they don't have the funds and continue working, it'll be useless. There needs to be an infrastructure in place that can support future retirees without burning a hole in their pockets, and thus far, it doesn't exist yet.

Kathy, that's great to hear that you think that way. Retirement is not the end, I hope most baby boomers don't think it is. It's the time to start over, or focus on other things, not for profit, but for enjoyment. Hopefully, new programs and services can be created to support baby boomers completely in the future.

Dec 10, 2013 11:11 PM
Atlanta's Home Inspector, David Lelak IHI Home Inspections
IHI Home Inspections 404-788-2581 - Canton, GA
Experience the IHI Difference

Phil - My dad falls under the category of retiring then finding another employment option. He is still working away because he just cannot sit still!

Dec 12, 2013 01:25 AM
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

David, that's a good thing though. It's not so much he needs to work but wants to work. I'm sure there are many epople who have never retired because they want to try new things or love what they do, it happens. This is mainly for people who want to retire and will have to find alternative retirement methods and, in doing so, will change the way retirement as whole works. Best of luck to your dad!

Dec 12, 2013 11:06 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Good Morning and this is a great post,  keep up the good work and good luck with your business in 2014,  E

Dec 12, 2013 11:34 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Good Morning and this is a great post,  keep up the good work and good luck with your business in 2014,  E

Dec 12, 2013 11:34 PM
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Ed, thank you! And best of luck in 2014 as well!

Dec 12, 2013 11:38 PM