Baby Boomers: Making Retirement Work for Them [infographic]
With their kids grown up and out of the house, the Baby Boomer generation is seeing that hard work pays off — and, boy, is it fun! We’ll take a look at how the “Me Generation” spends their time, money, and energy now that retirement is right around the corner.
(Photo Credit: Alaskan Dude/Flickr)
The recession threw everyone for through a loop, causing many professionals to become unemployed and financially impaired. The Baby Boomers found an “out” during the economic downturn and turned to entrepreneurship and independent contracting to pay the bills. According to Credit Donkey’s infographic, Baby Boomers aged 45 to 54 made up 25 percent of new entrepreneurs, with 53 percent of those entrepreneurs (and independent contractors) being female. “In 2010, the percentage of those still working in the 65 to 69 age bracket was 32 percent, up from 18 percent in 1985,” possibly indicating that this group of retirees may have to work past retirement for financial reasons.
Baby Boomers work hard, but they also play hard too.
As the infographic indicates, Boomers “spend nearly $230 billion a year in consumer packaged goods” and “account for 49 percent of total sales.” No wonder they’re also known as the “Me Generation.” If Baby Boomers’ spending didn’t grab your attention, then maybe the statistics of how they travel will:
- “61 percent of Baby Boomers plan to travel during their retirement.”
- “Baby Boomers account for about 80 percent of leisure travel.”
- They take approximately 4.1 leisure trips every year, 5.6 business trips per year, and make up for 47 percent of total passengers on cruises.
- “15 percent of Baby Boomers who owned homes also owned a second home.”
With more free time on their hands, the “Me Generation” also has a chance to catch up on the latest technology like the internet, social media, mobile phones, and applications that make everyday life so much more convenient than they could ever imagine. So don’t be surprised if you start seeing your mom and grandma “liking” your posts on Facebook, because, as the infographic indicates, “33 percent of those aged 65 and older use social networking sites regularly.”
Now Baby Boomers have immediate and full access to the lives of their family and friends thanks to social media, which makes it so much easier for the younger generations to keep them up to date on the happenings of their lives. It’s no longer necessary to individually call family and friends to let them know you landed that job; just simply post it on Facebook and let the social media gods take care of the rest.
Take a look at the infographic to get a glimpse of how Baby Boomers are making retirement work for them.
Tell Us What You Think
Are you approaching retirement and finding that you want to have your cake and eat it too? If so, tell us how you plan to punch the clock and enjoy retirement. Share your thoughts on Twitter or in the comments section below.
Leah Arnold-Smeets, owner of Emiko Consulting, is passionate about helping entrepreneurs capitalize on their strengths, improve on their weaknesses, and reach their full potential. Leah obtained her Bachelor of Science in Business Administration & Entrepreneurial Studies from the University of Southern California (USC).