The Baby boomer generation has been known as the generation that did things a little differently. They did things their way with their own set of rules. The same can be said with the way baby boomers are handling their retirement. In fact baby boomers are starting new trends when it comes to what they are doing with their retirement. Below are the top trends in retirement from the baby boomer generation.
R.V. camper traveling
An easy, affordable way to travel the country is with a R.V. or a camper. Baby boomers are tracking off across the country and visiting family and friends. What works for many seniors is these campers can be rented for a period of time, so baby boomers don’t have to spend a lot of money on just the camper.
Many cruise ships are offering cruises around the world for 100 days, sometimes even longer, for a good price. These trips are attractive to baby boomers because they are affordable and they have the time to take a 100 day cruise. The cruise includes your cabin, food, entertainment, drinks and everything else that is normally included in a regular cruise. The only difference is it for a long period of time. These longer cruises give people the chance to really travel the world and see as much as they want.
Once in a lifetime trips
Once baby boomers take the plunge to retire, many go on once in a life time vacations. These once in a lifetime trips are taking baby boomers to places like Thailand, Milan, Japan, and even Australia. Often baby boomers choose to go back to their roots and visit the country their ancestors came from. Baby boomers can get a first-hand experience their family’s culture and learn about their family tree.
Warmer locations, not Florida
Many retirees, who have moved to Florida from northern states, are finding it to be too warm and too crowded. Many are moving to milder climates like the Carolinas. The winter months see some cold but nothing like the northern states get and it is warm in the summer but unbearable like Florida.
Vacation home rentals
Many baby boomers are getting vacation homes to rent out and make a little money on. When the time is right baby boomers are moving to their vacation home full -time or are choosing to live at their vacation home for a few months and then rent it out for months they are not there. The vacation home is perfect for baby boomers that are still looking to have money coming in like from a renter.
Many retirees return to work because they want to or they need some extra cash. Many find that they have too much time on their hands and end up going back to work part-time to fill the void. According to a recent survey by the U.S. Bureau of Labor Statistics 15.7% of those 65 and over are working.
These trends in retirement will probably continue to grow was more and more baby boomers retire. It will be interesting to see what the new trends will be in the next ten years as the generation that played by its own rules continues to enjoy retirement.
Not sure if you can afford to follow these trends that are happening in the retirement world? Call us today to see if a Reverse Mortgage is right for you. A Reverse Mortgage can give you the cash you need to do things like travel more. You can use your tax-free* cash any way you wish. Call us today!
Kristen Curzytek is a writer for the One Reverse Mortgage blog. One Reverse Mortgage is the largest reverse-only mortgage lender in America.
*Please consult with your financial advisor.