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September 24, 2013 at 09:58 AM
Middle-income Boomers expect their retirement to be markedly different from previous generations, defined by an extended period of physical vitality, more personal satisfaction and greater mental faculties, according to a recent study from the Bankers Life and Casualty Company Center for a Secure Retirement.
The study, “Retirement Care Planning: The Middle Income Boomer Perspective,” found that although they expect a more robust retirement in terms of physical and mental capability, as well a more rewarding one than previous generations, they are aware that some aspects of their retirement will be less rich.
Middle-income Boomers expect their retirement to include less health insurance from former employers (60 percent), less financial security (47 percent) and less care provided by family members (47 percent).
Where previous generations may have relied on their family members, nursing homes, and moving in with their children as a component to retired life, many middle-income Boomers realize they can expect a greater degree of self-reliance and independence from family. Technological advances that allow for the use of remote monitoring technology, independent living communities, outpatient care and inpatient care, funded by long-term care insurance, all will play a greater role in middle-income Boomer’s retirements than they have for previous generations.
