As boomers move into retirement, their generation is rewriting the script on what it means to grow older. From unexpected trends in wealth, health, work, and lifestyle, here are some surprising retirement facts about Boomers that might just change how you view your golden years.
1. Many Boomers Are Still Working
Nearly half of boomers say they plan to keep working past retirement age. Some do it for financial reasons, others simply enjoy staying active and productive.
2. Boomers Are Starting Businesses in Retirement
Retirement doesn’t mean slowing down for everyone. Boomers are launching more businesses than any other age group. Many use their life savings or pensions to fund passion-driven ventures.
3. The Majority Are Underprepared Financially
Despite decades in the workforce, over 45% of Boomers have no retirement savings. Many rely heavily on Social Security alone.
4. Home Equity Is Their Biggest Asset
For Boomers, home equity often outweighs savings accounts and 401(k)s. Downsizing or reverse mortgages are becoming increasingly popular.
5. Many Are Supporting Adult Children
More than a third of Boomers still financially support their adult kids. This unexpected burden can delay retirement or deplete savings.
6. Divorce Rates Are Rising Among Boomers
“Gray divorce” has doubled since the 1990s. These later-life splits often come with major financial consequences.
7. Boomers Are the Wealthiest Generation, But It’s Uneven
Boomers hold over half of U.S. household wealth, but it’s concentrated among the top earners. Many others struggle to make ends meet in retirement.
8. Healthcare Costs Are a Growing Concern
The average Boomer couple could face over $300,000 in medical expenses during retirement. Many underestimate this when planning financially.
9. Most Plan to Age in Place
Nearly 80% of Boomers want to stay in their current homes as they age. Home modifications and in-home care are becoming essential.
10. Many Are Unfamiliar With Long-Term Care Insurance
Less than 10% of Boomers have long-term care insurance. Yet, most will need some form of assisted care later in life.
11. A Large Number Still Carry Debt
Boomers are retiring with unprecedented levels of debt, from mortgages to credit cards. This can greatly impact the quality of life in retirement.
12. Many Move to Lower-Tax States
Florida, Texas, and Arizona are top retirement destinations for Boomers. Lower taxes and warmer climates are major draws.
13. Volunteerism is on the Rise
Boomers are the most active volunteers of any age group. Retirement gives them time to give back to their communities.
14. They’re Traveling More Than Ever
Boomers account for nearly 80% of all luxury travel spending. Retirement is often seen as the perfect time to explore the world.
15. Pets Play a Big Role in Their Lives
Over 60% of retired Boomers own pets. Many say their furry companions help combat loneliness and encourage activity.
16. Technology is Closing the Generation Gap
Boomers are embracing smartphones, tablets, and social media at record rates. This connectivity helps them stay in touch with family and current events.
17. Many Join Encore Careers
Boomers often return to the workforce in “encore careers” that are meaningful or socially impactful. These roles usually pay less but offer greater fulfillment.
18. Women Face Unique Retirement Challenges
Boomer women typically have less retirement savings due to wage gaps and caregiving responsibilities. Many are now playing financial catch-up.
19. Mental Health Needs Are Rising
Depression and anxiety are increasing among retirees. Loss of routine, social isolation, and financial strain are major triggers.
20. Education Doesn’t Stop at Retirement
Many Boomers are heading back to school. Online classes and community college programs are popular for personal growth and social engagement.
21. They’re Big Into Downsizing
Boomers are selling large family homes in favor of condos, tiny homes, or 55+ communities. Less maintenance and lower costs drive the trend.
22. Grandparenting is a Full-Time Gig
Many Boomers provide regular childcare for their grandchildren. This unpaid labor saves U.S. families billions annually.
23. Retirement Age Has Become a Moving Target
Some Boomers keep pushing back their retirement date. Market volatility and longer life expectancy make it harder to set a firm age.
24. Health Spans Are Improving
Thanks to medical advances and active lifestyles, many Boomers are staying healthier longer. This redefines what retirement looks like.
25. Estate Planning is Often Overlooked
More than 50% of Boomers don’t have a will or trust. This can create legal headaches and family conflict later.
26. Digital Scams Target Boomers
Boomers are frequent targets of online fraud. Phishing scams and fake tech support calls are especially common.
27. Many Are Caregivers Themselves
Over 20% of Boomers provide regular care for aging parents or spouses. Balancing their own health and finances can be difficult.
28. Retirement Isn’t What It Used to Be
Boomers are transforming retirement into an active, entrepreneurial, and purpose-driven phase of life. Their choices are influencing how future generations will retire.
