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February 16, 2022

Just what are baby boomers looking for in retirement?

Maybe the generations that follow aren't so different after all. 

Top-quality health care, low taxes, inexpensive housing, arts and culture, recreation, services for older people and a hospitable climate head the list of what most baby boomers say they're looking for in retirement, a new survey shows.

Overall, the list looks a lot like one their parents might have come up with 20-odd years ago.

"Inside every 55 to 64 year-old, there's an 80-year-old waiting to get out," says John Migliaccio, director of research for the Metlife Mature Market Institute.

His research suggests that boomers pretty much value the same amenities that older retirees do.  

"They all wanted the same things," he told the Sarasota Herld Tribune recently. "The only difference we found was that proximity to churches was more important to the 65-plus folks, and convenience stores were more important to the boomers."

But, I suspect, they won't want to enjoy those amenities in the same places. Only a very small minority of retirees of that previous generation took the significant step of moving somewhere else for retirement.

Boomers have also seen other people do interesting things, have probably moved several times in their lives, and have dreams that they want to live out somewhere other than their own neighbourhoods.

Even if it's a few years down the road, what are you looking for in retirement? Do you envision a different experience than your parents?

By Gordon Powers, MSN Money




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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...