The path to retirement is normally considered to be a life-long marathon filled with numerous hurdles that occasionally trip up participants. The greatest economic slowdown since the Great Depression impacted millions of Americans, but those nearing retirement are feeling better about their finances.
Here are three ways baby boomers are redefining retirement:
1) Earlier Than Expected
With home prices and the stock market rebounding from the financial meltdown, baby boomers are feeling better about their soon-to-be golden years. Fifty-seven percent of still-working boomers aged 50 to 60 years intend to retire from their current full-time careers by age 65, earlier than the median age of 67 in 2010, according to a new survey from Del Webb – a leading builder of active-adult communities.
Despite two major stock crashes within a decade, the improved sentiment is more in line with Del Webb data from 1996, when 50-year-olds planned to retire at a median age of 63.
“Boomers are clearly feeling more positive about their situation and the housing market in general, with more expecting to retire sooner than just three years ago,” explains Deborah Wahl, senior vice president and chief marketing officer for PulteGroup, parent company of Del Webb.