Baby Boomers Redefine Retirement
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A new study by Bank of America Merrill Lynch in conjunction with Age Wave shows a dramatic shift in Baby Boomers’ attitudes about retirement. As the first generation without significant DB coverage begins to retire and people expect to live longer, most people see retirement as a beginning, not an end, with a majority expecting to continue to work in some form.
Though they’re concerned about health care costs and outliving their money, Boomers are redefining retirement, just as they redefined almost everything else they encountered. To them, happiness is not just about having accumulated a lot of money; respondents to the study conducted in January place more value on new experiences, peace of mind, helping family and making a difference.
Other key takeaways from the online study of 6,300 people age 45 or older with $250,000-$3 million in investible assets include:
- Retirement is viewed as an opportunity for new experiences, with many looking to start a new career.
- Many are concerned about missing the social connections they enjoyed at work.
- A significant percentage expect to have to help at least one family member.
- Passing on values and life lessons is more important than passing on money.
For society, having an army of experienced and talented people looking to work and give back in today’s hyper-connected world is vastly different than a generation living longer with nothing to do — and looking to be supported by society and their families because they didn’t save enough for retirement.
