Almost a fifth of today’s 50-year-olds plan to relocate to another state when they retire–preferably to a more favorable climate, according to a survey of the nation’s oldest Baby Boomers.
That’s an encouraging sign to home builders like Del Webb Corp., known for its collection of Sun City communities for “active adults” 55 and older in Palm Desert, Phoenix, Las Vegas and five other cities.
In a nationwide telephone survey of 1,000 50-year-olds conducted last December for Del Webb, 18 percent plan to move out of state when they retire. That compares to less than 10 percent of today’s retirees, according to a recent survey by the American Association of Retired Persons.
And more boomers expect to be active–working part-time to augment retirement income, traveling, playing golf, fishing or other recreational endeavors.
The survey’s intent was to sample the opinions and viewpoints of those born in 1946 and integrate the results into the planning of future retirement communities.
“We were very encouraged (by the survey),” said Martha Moyer, public and community relations manager for Del Webb. “But I think it’s important to keep in mind that this is one of several surveys of its type that will need to be done.”
In recent years, Del Webb has diversified geographically, planting its 55-and-older communities in Texas, South Carolina, near Sacramento and outside Las Vegas based on retiree preferences to stay closer to home.
The corporation also is looking at a site in suburban Harvard. If Del Webb built in Harvard, it would be a marked departure from the company’s focus on Sun Belt communities, but a response to indications that retirees don’t want to move far from their roots.
At Sun City Palm Desert, for instance, most residents are Californians- about 20 percent moved there from out of state, said Del Webb spokesman Bruce Bonafede.
In the future, the survey suggests, the need to stay close to home may not be as strong among retiring boomers.
The survey also reveals what may be changes in retiree incomes.
Most 50-year-olds began saving for their retirement at age 34, although 11 percent of those surveyed had not started saving for retirement yet. Most think they’ll be financially ready for retirement in a median length of 12 years–but 13 percent said they never will be ready financially.
Still, most expect to be well enough off to leave their children a substantial inheritance, even though they don’t expect much inheritence from their parents.
Most feel younger and healthier at age 50 than their parents, believe they are better educated, face fewer hardships and demand more out of life. They also believe they are more self-centered, materalistic and not as family-oriented.
Retirement from their primary career will come near age 63, the majority of 50-year-olds said. But nearly 70 percent expect to continue working part-time. About half of those surveyed believe that less than 10 percent of their retirement income will come from Social Security.
“We’ve already found that an increasing, although small number of our residents are working at least part-time, albeit not in the numbers which boomers expect to be,” said Philip Dion, Del Webb chairman and chief executive.
At Sun City Palm Desert, nearly one-third of the residents say they are not retired. In fact, the Palm Desert home is a second residence, Bonafede said.
The builder said the survey’s intent was to seek the opinions and attitudes of those born in 1946–whose views may vary widely from the youngest boomers, born in 1964.
