Posts Tagged ‘retirement’
Retirement Age Goes Up by Seven Years
Posted by Sibet B Freides in Demographics on May 15th, 2012
The recent Gallup’s annual Economy and Personal Finance survey conducted revealed that the average nonretired American now expects to retire at age 67, up from age 63 a decade ago and age 60 in the mid-1990s.
Today’s younger nonretirees are more optimistic about being able to retire at age 65, compared with an expected retirement age of 68 for those aged 40 and older, a statistically significant difference.
What About Being Comfortable?
Unfortunately, the poll also found a new low of 38% of nonretirees saying they will have enough money to live comfortably in retirement. It seems the number has been below 50 percent since 2002.
Naturally, this decline in expected financial comfort in retirement directly equates to the decline in the percentage of all Americans who are able to live comfortably in current times.
What Does This Mean?
Expectations for retirement have changed in recent years, due to the economic issues like housing bust and stock market volatility; however there are also serious questions about Social Security and Medicare’s ability to sustain retirees in the future.
As the economy begins to strongly move in a more positive direction, Americans are regaining some optimism about their retirement.
What do you think? Has retirement changed permanently, or are we experiencing another cycle that seems to mirror the economy? We’d love to hear your comments below or on our Facebook page!
Will Boomers Reshape the Housing Market Once Again?
Posted by Sibet B Freides in Demographics, Real Estate Trends on May 26th, 2011
Baby Boomers used to be one of the largest targeted demographic groups in the housing industry. As their retirement funds diminished over the past few years, many were forced to work longer before considering a retirement home or community, which put them in a limbo of sorts with the future of the market.
There is a predicted Boomer comeback among builders, only this time the market and their needs will reflect a simpler product line. Land planners now have an opportunity to rethink community and home designs that were originally intended for that age group.
Retiring Boomers are still privy to developments restricted to older buyers, but they are seeking a greater variety of home styles than were offered during the housing boom.
The recession has resulted in less money to spend and brought about requests for less space than previously desired. Successful developments are actually scaling back home sizes by 200 to 400 feet.
With the possibility of younger Boomers continuing to work at least part time post-retirement developers should consider creating space for home offices in their floorplans.
Among the most popular amenities desired, walking trails and fitness centers are still number one on the list. Gated access and the feeling of security also play into the overall picture.
What other features do you think today’s Boomers are looking for? Do you think the 77+ million Boomers are a strong voice in market demands?
Shift in Buyer Wants and Needs
Posted by Sibet B Freides in Demographics, Real Estate Sales, Real Estate Trends on March 29th, 2011
Aging boomers are reluctant to sell their homes for two reasons. One, they may be in trouble with their mortgages and are waiting for the market to rebound and two, they are healthier than their parents’ generation and will likely delay the move to retirement community living.
Will a market exist for their homes when they are ready to sell? Only time will tell. However, the income constraints and lifestyle demands of a shifting population may dictate a very different future for real estate.
These changing needs along with the demands of the expanding Echo Boomer generation is forcing the real estate market to respond in new and different ways.
According to a 2009 study by RCLCO, both retiring baby boomers and maturing echo boomers are looking to move away from the suburbs they’ve spent their lives in. Both groups reported wanting to live in more urban, mixed use, mixed age areas that offer services, community and walk-ability.
How does this changing market most affect your business? Share your successes and struggles with us here on the blog, or on Facebook or Twitter.
