Survey: Boomers more confident about retirement, lifestyle plan
By Diana Dietz | Apr. 3, 2014 | 2 min. read
Seventy percent of Baby Boomers say that the house they live in when they retire will be the best home they’ve ever had, according to a new survey conducted by Better Homes and Gardens Real Estate.
The survey of 1,000 Americans aged 49 to 67, reveals 57 percent of Baby Boomers intend to move out of their current home, and 70 percent are optimistic that their retirement home will be the best they have ever owned and lived in.
Boomers also said they wish not to be restrained by planned retirement communities. Twenty-seven percent said they would most likely move to a traditional retirement community such as a 55+ exclusive neighborhood.
“With approximately 77 million Boomers in the U.S., it’s quite significant for our industry to see that this population has so much positive anticipation for the home in which they will be retiring—and for the majority, their aspirations involve making a move,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, in a statement.
Approximately 1 out of 4 Boomers surveyed is likely to buy a second home to use during retirement. On the selling side, 31 percent of boomers are more likely to want to sell their home now than they were five years ago, suggesting a renewed confidence in the real estate market. They are also largely more confident about achieving their ideal retirement lifestyle, Better Homes & Gardens Reports, the top factor for which is having a retirement lifestyle plan.
Chris added, “This mindset shows us that, for Boomers getting ready to retire, there’s more to it than solely saving money in the bank,” said Chris. “To have the utmost confidence in their retirement plan, this generation is actively planning a comprehensive lifestyle plan, taking into account the type of home and community they want to live in, as well as the option of continuing to work or taking advantage of travel and entertainment opportunities.”
Additional findings of the survey showed 46 percent of Baby Boomers plan to work part time in retirement, 42 percent said low maintenance home features topped the list of considerations for their next move, and 72 percent say they wish to retire in the same state in which they live currently.
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