Bloomer Boomers Redefining Retirement Expectations
| A majority of our country’s middle-income Boomers expect their retirement to be defined by greater mental stimulation, more physical activity and more personal satisfaction than the retirement of previous generations. However, they also anticipate their retirement to include less retiree health insurance from former employers (60%), less financial security (47%) and less care provided by family members (47%), according to a latest study by the Bankers Life and Casualty Company Center for a Secure Retirement ® (CSR).Retirement Care Perceptions Boomers characterize retirement care of the past as including reliance on family members for care, nursing homes and moving in with their children— elements of retirement care that will be less common in the future. Elements of retirement care that Boomers expect to be more common in the future primarily relates to an increased degree of self-reliance and a greater sense of independence from family. They expect care of the future to include the use of remote monitoring technology (78%), independent living communities (78%), high-priced care (76%), outpatient care (74%) and long-term care insurance (72%). Retirement Care Preferences When asked whom they prefer to administer their care, the majority preferred their spouse to fulfill that role. For personal caregiving requirements, such as assistance with bathing and dressing, Boomers are more likely to rely on help from a home health aide rather than their children. Retirement Care Outlook In fact, those Boomers with first-hand caregiving experience are more likely to believe that they may need long-term care in the future (45% for caregivers vs. 30% for non-caregivers). They are more likely to have a retirement care plan than their non-caregiving counterparts (33% vs. 25%) and more open to meeting with a professional advisor than those without caregiving experience (71% vs. 60%). “Increasingly, the responsibility for retirement security is falling on the shoulders of retirees themselves,” said Chris Campbell, senior vice president of marketing and communications at Bankers Life and Casualty Company, a national life and health insurer. “While Boomers recognize that retirement is changing, more planning and preparation for their retirement and in particular for the care they may need in retirement would be a positive step toward ensuring retirement security.” |
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