Boomers Need to Prepare For Retirement
December 30, 2007
As I sit here in my North Carolina vacation home, I was thinking about retirement and then I thought…heck, I’m never going to retire. But it doesn’t mean that I won’t still try to get away to my NC retreat whenever possible.
However, it did start me thinking about where will people move when they retire? According to RisMedia, more than half (53%) plan to move from the current home when they retire. Only 10% plan to remain in their current home with the balance undecided. I found this to be an amazing statistic especially when you take into account that by 2011 most of the baby boomers will start to retire. It could be a real estate windfall as people buy and sell in record numbers.
In a recent survey, Fulton Research Consulting asked boomers where they plan to move with 24% remaining within a half hour drive, 22% within 30-60 minutes, 17% within one to to two hours, 22% within one day and 16% two or more days. The surprising thing is where they are moving and the fact that most are not downsizing. Luxury real estate should reap the benefits of this progressive move by boomers in the near future!
Be ready…Florida is a logical choice for a lot of retirees with great weather, cultural events and sporting activities.
Thanks Linda. Did any of your research show what kind of homes retirees are looking for? I would think most would want to retire into a community style of living such as a condo or townhome. Glad you’re enjoying your “vacation”.
Actually Andi you would be surprised. Most of the retiring baby boomer population would prefer to move back to small towns or close to major colleges so they can go back to school and study, attend cultural events and enjoy the sporting activities. The retiring boomers are NOT moving into senior only communities as anticipated. They want an active, social lifestyle in retirement. 70 may be the new 40!