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Envisioning A New Retirement: Learn the results of a new survey on baby boomer retirement plans. Age 65 isn't what it used to be. Since Social Security declared 65 the "normal" retirement age, life expectancy for a person who's reached that milestone is seven years longer and growing. Relative to the average lifespan, 65 is looking more and more like middle age. Recognizing this, Merrill Lynch conducted an extensive baby boomer survey over one month in early 2004. By telephone and internet, they communicated with a cross section of 2,348 U.S. adults ages 40-58, made up of 1,061 men and 1,287 women. Seeking to define the shape and attitudes of tomorrow's mature market, they questioned subjects about the attitudes, motivations and plans that dominate their thinking as they look towards later life. Results confirmed what should be no surprise to anyone: this generation is on course to re-define retirement and the lifestyle associated with it. Most strikingly, many plan not to retire at all. Seeing work as a way of staying vital and engaged, many plan to continue earning, though with a difference. The greatest portion of boomers say they intend to alternate periods of work and vacation, creating a flexible but still very achievement-oriented lifestyle. Moreover, many see this upcoming era in their lives as a chance to pursue work in which they have a personal interest.James P. Gorman, President of Merrill Lunch's Global Private Client Group, points out that the paradigm shifts evidenced will need to be addressed by companies, such as his own, serving the mature market. For one thing, mature clients who remain employed will simply have more money. "Many of the traditional financial assumptions regarding retirement need to be re-examined," he says. "This survey provides a useful starting point." Some highlights of the findings: - A "turning point" where retirement used to be. A whopping three-quarters of boomers plan to continue working and earning into retirement age, but most say they will conclude their present job/career around age 64 to begin moving in a new direction employment-wise.- Retirement in the traditional sense will be postponed for many respondents, likely until they are in their ‘70s. This delay might be seen as an adjustment to accommodate extended life expectancy. - The mature market as it is developing will be made up of people interested in a balance of work and leisure. Given the choice of work-rest arrangements into retirement age, 42% of respondents said they would prefer to alternate between periods of full-time work and complete vacation. 16% opted for part-time work, 13% for owning their own business, and 6% for continuing a full-time work schedule. A mere 17% hoped to forego work entirely. - By a significant margin, most of those who want to continue working in some capacity maintain they are motivated by the quest for mental stimulation and challenge. Only 37% said money was a very important factor in their thinking. - The "me" generation has transformed itself, and in retirement boomers will be actively concerned with and engaged in their families and communities. 43% said they want to "put others first," while only four percent claimed they would make themselves the priority. - Women baby boomers are more financially engaged than any generation of women before them. Thirty-three percent of married baby boomer women share responsibility for savings and investments, compared to only 5% of married women in their mothers' generation. Mature women are thus set to become increasingly active in the financial market, a fact that the financial sector will need to account for. - Boomer women are also more likely than their male counterparts to see retirement as a productive time. While boomer men site working less, relaxing more and spending time with their spouse as retirement aspirations, the women are looking forward to career and personal development and a level of community involvement. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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