|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
April 5 — You’ve heard of the U(na)-Bomber and U-2 the rock group. Now get ready for another U, the U-Boomers. Forbes Magazine recently published an article that differentiates among different sub-sets of baby boomers. The U-Boomers are a huge segment that constitutes about 24 million of the 76 or so million baby boomers out there.
The “U” stands for uncompromising, so U-Boomers are folks who intend to maintain their lofty lifestyle aspirations - but who won’t necessarily have the financial means to execute on those dreams. The article is a call to action for baby boomer marketers. U-Boomers are such a big and important group that these marketers have to figure out creative ways to meet boomer demands — without going beyond the resources available to them. This group is expected to represent 25% of total U.S. consumption by 2015.
For marketers of active adult communities, that will be a challenge. Part of the solution is in positioning communities so they deliver high value and prestige without pricing the product out of reach. Maybe that means inexpensive hiking and biking trails instead of ultra-expensive golf courses. Or intimate clubhouses instead of monstrous edifices. A la carte services instead of the buffet approach. Environmentally sustainable communities that not only keep energy expenses down, but make U-Boomers feel like they are fashionable and responsible. Or, co-housing communities that use the community to deliver services at a reduced cost.
From all we here about the poor state of retirement preparation that exists among baby boomers, there certainly seems to be something to this demographic. We can’t wait to see which over 55 developers try to tackle it - and how they do it.
|
|
Posted by Boomer1 on April 5th, 2008 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
February 24 — According to a duo of college professors, suburbia as we know it is headed for trouble. Their prediction is that McMansion-land could become the next depressed “outer cities”, filled with blight, poverty, and crime. Once again baby boomer demographic trends are among the culprits.
Topretirements just wrote a feature in our “Tips and Picks” section which examines this theory. Furthermore we went out on a limb, outlining a sure to be controversial real estate strategy that baby boomers should take now to capitalize on it. The article, “If Suburbs Become the New Slums, A New Baby Boomer Real Estate Strategy“, recommends that boomers put their existing suburban homes on the market now, and get busy looking to buy for their retirement community.
Check out our Tips and Picks article at the link above. For more on what the two college professors, Christopher Leinberger and Arthur C. Nelson, check out the March issue of The Atlantic and Virgina Tech’s Metropolitan Institute.
To discuss this issue please go to our Forum article, Suburbs, the Next Slums: A New Baby Boomer Real Estate Strategy)
|
|
Posted by Boomer1 on February 24th, 2008 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
With many baby boomers expecting their first social security checks in the mail soon, the next obvious question is…. where will all of these boomers live in retirement? Indeed, a favorite baby boomer cocktail party conversational gambit these days is – “Where are you thinking about living in retirement?” With big events like this afoot, we thought we would try our hand at predicting 2008’s top 10 trends for baby boomer retirement communities. One thing is certain – baby boomers are so diverse that just about every retirement will be different. Here goes:
- Boomers will be wary of buying a property in 2008 over fears that they might overpay, or that their developer might go bankrupt
- The vast majority of baby boomers will stay in their own homes, but 25% plan on moving to another area (but mostly in their own area or state). Source: MetLife Mature Market study
- Baby boomers are looking for something different; cookie cutter developments are out
- They are going to seek out communities where there is a lot going on – college towns, urban environments, smaller towns with vibrant downtowns.
- Active adult communities with extensive and unusual recreational facilities are treasured. To a certain segment, “being green” is important
- Good transportation infrastructure is a plus – boomers don’t want to have to drive everywhere. Walking, biking, golf carts are OK; just so long as they don’t have to drive everywhere
- They will start investigating an active adult community near (but not too close) to their children or grandchildren
- The segment of baby boomers that the Age Wave consulting firm calls the “Live for Todays”, characterized as wanting to have fun but haven’t saved enough, will be attracted to expatriate retirement communities in countries like Costa Rica, Mexico, and Panama. Many of them will be disappointed to find out what it is like to live in the third world. But many more will be unhappy to discover how far that puts them from family members
- Marketers who continue to market to “seniors” will wonder why they have no customers. The average baby boomer doesn’t think he will be old until he reaches about 78 years of age. Active adults, or just plain “baby boomers”, will be the terms of preference to describe these retiring baby boomers
- For the first time in their lives boomers will be more concerned about property taxes than they are about the quality of schools in their new communities. States and communities with reputations for being tax and retiree-friendly will get a larger share of baby boomer retirees.
For more information:
New York Times article on baby boomers
Metlife Research Study
|
|
Posted by Boomer1 on January 7th, 2008 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
October 15 — Ask 10 baby boomers what they are looking for in retirement communities and you are likely to come up with dozens of different answers. Baby boomers are used to marching to their own drummers, and there is no reason that their choices in retirement communities will be any different. This article draws from a number of different sources and is intended to provide a representative sample of different opinions.
 Golf attracts many to active adult communities
Amenities. Here are some of the top amenities found in a survey done in 2000 by the National Association of Home Builders:
1. Hiking or Jogging Trails. More than half say these would influence purchase decision; interest goes up with income
2. Outdoor spaces. Park areas and the like are a must
3. Public transportation. Reliance on driving a car for everything is undesirable
4. Lakes. Being near a body of water such as a lake or ocean is very desirable.
Retirement Community Preferences
We reviewed some random preferences at some online sites where baby boomers discussed what they were looking for in a retirement community. These are the issues that were most often mentioned (in random order):
- Proximity of medical care. This is particularly important for people in less than optimum health. It is not yet much of a factor for baby boomers, but older people see the availability of a continuum of care at the same facility (independent to assisted to nursing care) as being very important
- Themed recreation. Some people are looking for very specific recreation opportunities - golf, marinas, flying, arts, cooperative living, astronomy, equestrian, etc.
- Gated - or not. Some people love gated communities - others loathe the idea
- Mixed generations vs. age restricted communities. Some people wouldn’t think of living with people of mixed ages, others think enough of those young people already!
- One story living and low maintenance. Builders constructing multi-level homes for baby boomers do so at their peril. Most baby boomers are ready to take it easy and have some fun.
- Health clubs are very popular
- Lots to do in the community
- Proximity to a city
- Location near family. This is perhaps the biggest determinant of where someone retires - people usually don’t want to be too far away from loved ones.
- A real downtown. Communities that have a thriving commercial center where people can walk around (and even better, walk to) are viewed very positively. The more activities - like festivals, farmer’s markets, cultural events - the better. Even in a private active adult community a viable community center is a real plus.
- Sustainability. This issue isn’t as pervasive as some others, but there are many baby boomers for whom the issue of environmental sustainability (i.e,; the green movement) is a key factor in their retirement community decision
- One (or two) home offices. 27% of baby boomers say they never intend to retire. Many will work from home
- Vacation homes. According to the National Association of Realtors, four out of 10 will convert their existing vacation home into a permanent retirement residence
- Urban vs. rural. Many want to live in an urban environment, while quite a few want rural
- Lower cost of living and warmer climate are important
Summary - How Will Baby Boomer Retirements Differ?
Obviously there are a lot of similarities between baby boomers and their parents’ generations. One big difference is in the preference for more physical activities like walking and jogging trails. Another is a strong preference for public transportation. The market is relatively new and very dynamic - the builders who can read the pulse of this big and changing market will come out on top.
Links:
Baby Boomer Housing Preferences
Hawaii is #1 State for Baby Boomer Moves
|
|
Posted by Boomer1 on October 15th, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
October 1 — A new Harris Poll on state living preferences found that baby boomers (aged 43 - 61) would prefer to live in Hawaii over all other states. In this regard they differ from the rest of the U.S. population, which would choose California. Although it was not explicitly asked, it is assumed that baby boomers, given their age, are thinking about states where they would like to retire. Baby boomers’ number 2 choice would be Florida, followed by California. According to Harris, being close to the beach was important in why Hawaii and California are so popular.
Maui Luxury Retirement

Favorite city to live in of all age groups is New York City. The Big Apple was followed by San Diego, Seattle, and San Francisco. Here is a list of the top 5 states that baby boomers would prefer most to live in:
- Hawaii
- Florida
- California
- North Carolina
- Colorado
The question asked in the Harris poll was: “If you could live in any state in the country, except the state you live in now, what state would you choose to live in?”
Link:
Top 10 Most Popular Retirement Towns
|
|
Posted by Boomer1 on October 1st, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
August 3, 2007 - It couldn’t be more ironic for those of us in the baby boomer generation that spent the last 20 years berating our kids to “get off the darn game console and go play outside” (like we used to!). Our kids might smirk to learn that Nintendo’s latest marketing coup is paying off - selling its new Wii games to baby boomers and retirement communities. A frequent marketing venue: AARP conventions!
By way of background we had better explain Wii. It is basically a device from Nintendo that you wear that allows a virtual experience on your TV - without the equipment and place to play it. So you can bowl a perfect game without a bowling alley, smash Tiger Woods-type 300 yard drives without a course - do just about anything. You also don’t have to have the strength that is traditionally required for these games. All you need is to be able to simulate the motion and you can experience the “thrill of victory and the agony of defeat”. Advocates are claiming that the activity, while not as physically as challenging as the real thing, does have health and conditioning benefits.
Nintendo is actively marketing one game in particular to older people, a target that is obviously concerned with hanging on to their existing brain power. Big Brain Academy: Wii Degree is designed to give players’ brains exercise in games of knowledge, recognition, and memory. Several players can play and compete each other. George Harrison, Nintendo of America’s senior VP says that “With Big Brain Academy: Wii Degree, users can come together socially while challenging themselves mentally”.
So if you have been checking out a retirement community, add one more amenity to investigate!
Links:
Official Nintendo site http://wii.nintendo.com/
Wikipedia entry on Wii
Chicago Tribune article on bowling in retirement community
Help, my husband is retiring
More helpful articles about retirement
|
|
Posted by Admin on August 2nd, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
June 22 - Fort Myers, Florida — The logic is compelling, even though a bit unconventional. Sue Wininger, Marketing Director at Cypress Cove at Health Park Florida, recently stated in an interview with Topretirements the many reasons baby boomers should consider moving directly to a life care facility instead of making an interim downsizing step to a condo. “With our focus on wellness and the amenities that active adults want,” Wininger says, “baby boomers can an experience a healthier life, which translates into a longer life.” This enthusiastic and personable marketing pro also pointed out how moving directly to a life care facility helps people avoid the hassle of multiple moves and re-establishing new friendships and community ties.
Unlike their parents before them, today’s 50 and 60 somethings know about life care communities and their many advantages. They don’t expect their children to have to take care of them. Increasingly they are buying into these communities for an easier lifestyle in a facility that bundles many services into 1 product. At Cypress Cove in Fort Myers, for example, boomers will find independent living, assisted living, and life care so that they will never have to move again, no matter how their health condition might change. Along the way they can enjoy amenities like a huge indoor pool, fitness club and exercise classes, and college courses. Cypress Cove offers the courses as a location of the Renaissance Academy of Florida Gulf Coast University. Cypress Cove is affiliated with Lee Memorial Hospital.
While Wininger’s logic is powerful, life care communities may have a difficult time persuading baby boomers to move into a community that many people view as “only for old people”. She countered that communities affiliated with universities or medical institutions such as hers, which offer more amenities and programs, will have an easier time attracting a younger audience than unaffiliated places. She also made the interesting case that newer, even unbuilt, communities will have more success because the audience is planning on entering in the near future, rather than moving in directly.
Here is our article on “How to Help Persuade Your Elderly Relative It Might Be Time to Move”
Read this for help with the 10 Questions You Should Ask Before You Buy into a Retirement Community.
|
|
Posted by Boomer1 on June 22nd, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
May 14, 2007 - Build them and they will come - but be careful who does come. That was the gist of a May 11 Wall Street Journal article (”Animal House Meets the Empty Nest”) on what is happening in some of the new condo developments being built for “swinging singles”. It seems that some of these real estate developments are also seen as desirable by empty nesters over 50 - and that has some of the younger residents concerned. After all, they didn’t buy into the dream of roof-top hot tubs, on-site bars, and video game parlors to see a baby boomer on the next chaise lounge.
There appear to be a few reasons why this generation mismatch is happening. First, developments that are being marketed on the pricey side find that people over 50 are more likely to be able to have the price of admission. Another is that the singles orientation of these places is just as appealing to older singles who want to exit the suburbs as it is to younger folks.
The concept of designing condos to singles has taken off, with thousands of units sold. Some of the marketers are concerned, though, that their carefully targeted marketing is selling to the “wrong” demographic. Likewise, many of the younger people are not to happy to be living next door to someone with white hair. Meanwhile, you just can’t keep those baby boomers down.
Follow this link for a list of the Top 10 Mistakes You Can Make Buying into an Active Adult Community
|
|
Posted by Admin on May 13th, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Baby Boomer Issues
|
RSS
|
It’s a Great Read
Baby boomer nostalgia is hot these days, and there is no funnier read on the subject than Bill Bryson’s delightful book - “The Life and Times of the Thunderbolt Kid”. He captures perfectly the times, culture, and the absurd miscellanea of those days - you won’t stop laughing.
My sister recently gave me the book because it reminded her of my brothers and me countlessly jumping off chairs in (pathetic) imitations of Superman. The book does a fascinating job of helping me re-live “those thrilling days of yesteryear”. All the old heroes are dusted off (with wry observations about just how weird they would seem today) - from Batman to The Lone Ranger (”not the kind of fellow you would want to share a pup tent with”) to Roy Rogers, Davey Crockett and Zorro. Cultural icons I had forgotten about once again come to life - like the worst game of all time (electric football), slinkies and silly putty, and hiding under your desk during nuclear “attacks”.
Broadway Books, Copyright 2006. Bill Bryson
Check it out! And it that whets your appetite, see this blog for frequent doses of great baby boomer nostalgia
|
|
Posted by Admin on April 30th, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
Category: Financial
|
RSS
|
New York - April 27. Former Fed Chairman Alan Greenspan made headlines again this week - this time at a conference on the coming baby boomer retirement crisis. Greenspan warned that the government is going to find it “difficult” to keep all of its financial promises in coming years. He urged baby boomers to deal now with that, and a new complication - their increased longevity.
“We have to recognize that what we’re going through is unique in world history,” said Dr. Greenspan. “Retirement is a relatively new phenomenon. As a society we’ve dealt with it successfully in the past few decades but we’ve never had such a huge group of individuals going into the system at once and then living so long in their retirement years.”
As life expectancy continues to increase, Greenspan believes that Baby Boomers will likely look for additional ways to remove the financial uncertainties that will come from a longer retirement. Those include analyzing their lifestyle, determining the resources at their disposal, and ultimately making decisions to best prepare for their future.
Greenspan encouraged Baby Boomers to take more responsibility to prepare for their retirement. Dr. Greenspan was the keynote speaker at the MDRT BoomertirementTM Industry Summit.
Read this article to find the 10 worst mistakes one investment advisor has seen
Or, read here for advice on when to social security benefits - early or late?
|
|
Posted by Admin on April 27th, 2007 |
Email This Post
Entries (RSS)
and Comments (RSS)
|
|
|
|
|
|
|
|
|
|