The baby boomer generation is easing into retirement age in droves. The first members of the boomer generation recently reached senior citizen status, and over the coming decades tens of millions of them will transition into retired life. But far too many boomers don’t realize exactly how much their lives will change when they retire. Here are some facts and figures you might want to consider.
Your retirement will last a long time.
As we continue to learn more about nutrition and make advances in medical science, lifespans continue to increase. For the average baby boomer, this means that it’s very possible you could live well into your 80s, 90s, or beyond. That could be 30 or more years of retirement, meaning you need a lot more money to live on.
You may have to work a lot longer than you expected.
Many boomers are facing the reality that they haven’t saved as much as they should have. For some, the solution is to stay in the workforce longer. Increasing numbers of people age 65 and older have been working in recent years. According to the Bureau of Labor Statistics, almost 20% of senior citizens remain in the workforce. Experts expect this number to continue to rise.
You may have to stay at home.
While some people dream of retiring on a sunny beach, only 3% of seniors moved in 2011 and 2012. More and more seniors are choosing to live in urban areas as they get older because they have much better access to services and entertainment.