When it comes to retirement, baby boomers seem to be favouring lifestyle choices over wealth preservation, quite a different path compared to the generations that came before them, according to recent Bank of America Merrill Lynch survey.
The study found
that retirement has been redefined – with people expecting to live and
often work longer than any preceding generation, and taking different
approaches to preparing for and living their best life during these
Most are seeking flexible work arrangements, such as part-time work (39%)
or going back and forth between periods of work and leisure (24%), but not always for the same reasons.
Most boomers have "mixed feelings about living longer and transitioning
into retirement," said Ken Dychtwald, CEO of Age
Wave, the group that conducted the research.
"While they welcome the extra time to pursue new interests and
spend more time with family and friends, they are concerned about
outliving their assets and experiencing a serious health disruption.
Even those who have saved adequately can be anxious and often
overwhelmed by this complexity and the unknowns they face."