May 24, 2006

Boomer Retirement Trends Include Travel and Home Remodeling

A new survey by Commonwealth bank is revealing about the retirement plans of Boomers: Home remodeling (a niche for Universal Design) and travel figure high in their plans.

Notice this trend also.

Baby Boomers are set to change the face of retirement as they plan to travel, take up new hobbies, spend time with family and work at least part time, according to a survey(2) released by the Commonwealth Bank.

The Bank’s Lifestyle Aspirations survey also revealed that not only do almost 60 per cent expect their retirement lifestyle to be better than their parents’, more than two thirds (68 per cent) believe they will be able to afford to live the lifestyle they want.

Tim Gunning, General Manager Commonwealth Financial Planning, said, "Unlike their parents, this generation sees retirement as the chance to live life to the full and do the things they put off earlier in life due to other commitments. When it comes to financing these plans, a significant proportion of Baby Boomers are already making preparations to see them on their way."

According to the Bank’s Lifestyle Aspirations survey, in anticipation of their retirement, Baby Boomers are actively taking control of their finances: 56 per cent are building assets such as shares and property, 44 per cent are making regular additional superannuation contributions, the same percentage have sought advice from a financial planner and 43 per cent are making additional savings outside of their super.

They plan to spend their savings in retirement on things such as home renovations (40 per cent), upgrading possessions (40 per cent), eating out more (40 per cent) and their grandchildren and children (44 per cent). Travel and hobbies also feature heavily in the plans. Eighty five per cent expect to travel within Australia or overseas and 73 per cent plan to take up a new hobby.


Posted by rollingrains at May 24, 2006 05:43 AM