Housing Bubble
More boomers plan to relocate for retirement
June 18, 2003
Del Webb, the active adult brand of Pulte Homes, released the results today of their annual baby boomer opinion survey, the Baby Boomer Report.
Conducted annually since 1996, the Baby Boomer Report reaches out to segments of the baby boomer demographic to record their opinions about retirement, fitness and a variety other topics. This year, more than 1,300 boomers nationwide age 44 through 56 completed the survey. This group represents the segment of the baby boomer generation that is actively planning for their future retirement and whose attitudes and perceptions provide a window into future retirement trends.
Some of the results of this year’s survey include:
- 59% of those surveyed plan to relocate for retirement. This is a dramatic change from previous reports and conventional wisdom, which placed the percentage much lower. In the 1999 Del Webb boomer survey, only 31% of the respondents, age 48 to 52, said they planned to move to another residence for retirement.
- 31% will relocate more than three hours from their current location.
- 7% of those planning to move, or approximately 2.4 million retiring baby boomers by 2005, are likely to consider an active adult community, defined as an age restricted community for those age 55+.
- 43% surveyed plan to continue working in retirement, with 51% of them starting a second career and 37% working part time in their primary career.
- Those surveyed feel they will need more than $800,000 saved for retirement and expect it to have to last an average of 19 years.
- 76% are not confident they will have enough income in retirement.
“This kind of information is critical when charting the future course of active adult living,” said Dave Schreiner, vice president of active adult development for Pulte Homes. “For example, seeing a huge increase in the number of people looking to relocate for retirement and interested in active adult communities, we need to be ready with new communities that fit the wants and needs of this demographic when they are ready to move.”
Source: Pulte Homes
