Redefining Retirement

Posted in Personal Injury, Trusts & Estates

The large demographic of Americans known as “Baby Boomers”, are starting to retire.  Several retirement trends have become noticeable as the Boomers replace their parents as retired senior citizens. 

1.  More retired Americans are retiring in foreign countries, many of which offer year-round warm weather and lower cost of living which many retirees find appealing. These countries include Belize, Costa Rica, and Mexico, all of which are a simple plane ride away from most U.S. cities.

2.  Many Boomers see retirement as the opportunity to start new businesses and new careers.  As Boomers expect to live substantially longer than their parents, many are interested in continuing to work, but in a business of their own choosing.  Along with this trend, Boomers are more likely to rely on new technologies which involve using the internet, social media, and self-publishing.

3.  Boomers are assuming more financial support for their aged parents, and more child-rearing responsibilities for their adult children.  It is not all that unusual these days for multi-generational families to again be living under one roof where costs and chores can be shared. 

4.  Fewer Boomers are planning the traditional Florida or Arizona retirement. Boomers are attracted to smaller cities with large universities, access to good health care, affordable housing and an active arts community.  For many Boomers, proximity to their children and grandchildren remains a prime consideration.
 

Leslie A. Mitnick is a member of Stark & Stark’s Yardley, PA office, concentrating in Accident & Personal Injury Law. For more information, please contact Ms. Mitnick.