Baby Boomers, born between 1946 and 1964, began turning 65 at the start of 2011. They are entering their senior years as the U.S. attempts to crawl out of recession, which has left many Boomers feeling frustrated and depressed about the country and their personal situations. Boomers (80%) and those aged 65 and older (76%) are more likely than those aged 18-29 (60%) and 30-45 (69%) to feel dissatisfied with the way things are going in the U.S., according to the Pew Research Center.
In addition, 21% of Boomers say their standard of living is lower than that of their parents, compared to 14% of other adults. More than a third of Boomers (34%) believe their children will not have as high a standard of living as they have had, compared to 21% of other adults.
Boomers (57%) are more likely than other adults to say their financial situation has gotten worse since the start of the recession. They are more likely than other adults to oppose federal programs that would cut their income:
• 80% of Boomers oppose taxing employer-provided health insurance benefits, compared to 72% of adults overall;
• 68% oppose eliminating the tax deduction for interest paid on home mortgages, compared to 56% of adults overall; and
• 63% oppose raising the qualifying age for social security benefits, compared to 58% of adults overall.
Boomers are more likely to say their physical health and personal finances are not as good as they expected than to say they are better than expected. It is therefore logical that they most commonly say they want to improve their health (35%) and finances (25%) over the next five years. On the other hand, their relationships with family and friends are far exceeding their expectations, as are their leisure time activities.
Despite their recent financial challenges and their negative perceptions of the U.S.’s progress, 87% of Boomers turning 65 describe themselves as hopeful. The vast majority is also confident (84%) and optimistic (82%). Yet most (51%) say they are also uncertain and 43% are anxious. Seven in 10 (70%) say their lives are exciting, compared to only 25% who say life is boring.
Most Boomers (54%) do not plan to delay their retirement despite the financial challenges of the recession, according to Charles Schwab. The vast majority (88%) plans to continue to work after becoming eligible for retirement, though that decision is as much the result of needing the money (cited by 28%) as that they want to keep mentally, physically, and socially active (25%).
Boomers turning 65 in 2011 most commonly believe that “old age” begins at 80, yet 56% of them say they are now senior citizens. Those who think of themselves as seniors say it’s because they’re over 60 and that they get discounts, whereas those who disagree say it’s because they still feel active and young at heart.
Nearly half of Boomers turning 65 (49%) say they are less active than they were 15 years ago, though 15% say they are more active, according to Del Webb. Some 45% work out at least a few times a week. The vast majority does so for their health (88%), 50% to improve their appearance, 42% to reduce stress, and 22% to improve their self-confidence.
Nearly four in 10 (39%) have sought out new hobbies or educational opportunities in the past few years. Six in 10 (60%) have participated in volunteer activities, most commonly to keep busy and because it makes them feel good.
A third of Boomers turning 65 (32%) plan to move when they retire, and 34% have already moved upon retirement. They are most commonly considering moving to:
• North Carolina (19%);
• South Carolina (16%);
• Florida (15%);
• Tennessee (12%);
• Virginia (10%);
• Arizona (6%); and
• California (6%).
Whereas 45% have no preference in the type of community they move to, 35% would like it to include residents of all ages, and 20% would like it to be restricted to those over a certain age. [Mature Market, Consumer Attitudes & Spending]
Sources: “Real Life Retirement Survey,” Charles Schwab, Matt Hurwitz, 211 Main St., San Francisco, CA 94105; 415-667-0480; matt.hurwitz@schwab.com; www.schwab.com. Price: Available online at no charge.
“Baby Boomers Approach Age 65 — Glumly,” Pew Research Center, Paul Taylor, Director, 1615 L St. NW, #700, Washington, DC 20036; 202-419-4300; info@pewsocialtrends.org; www.pewsocialtrends.org. Price: Available online at no charge.
“Approaching 65: A Survey of Baby Boomers Turning 65 Years Old,” AARP, Jeff Love, 601 E. Street NW, Washington, DC 20049; 202-434-6279; jlove@aarp.org; www.aarp.org/research. Price: Available online at no charge.
“Baby Boomer Survey,”Del Webb (PulteGroup), Eric Younan, 100 Broomflield Hills Pkwy, #300, Broomfield Hills, MI 48304; 248-433-4542; eric.younan@pulte.com; www.dwboomersurvey.com. Price: Available online at no charge.
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