Affluent baby boomers think their retirement will differ from that of their parents, mainly because they intend to be more active (86 percent). When asked to name a single word to describe their retirement, most boomers between ages 46 and 64 choose freedom (35 percent) or opportunity (31 percent), according to a Bank of America Merrill Lynch survey of 1,000 people with $250,000 or more invested for retirement. Just 21 percent of those surveyed say relaxation is their primary retirement goal. Here are seven ways baby boomers are planning to stay active in retirement.
Pursue additional professional success. Baby boomers worked their entire lives to get to their current level of professional success, and they aren’t ready to relinquish their positions of power just yet. Nearly a third (32 percent) of those surveyed plan to pursue additional professional achievements in retirement.
Continue your education. Over a quarter (26 percent) of affluent baby boomers plan to go back to school in retirement. Many colleges provide discounted or even free tuition to residents above certain ages.
Learn a new trade. Some baby boomers see retirement as an opportunity to start over in a new field (24 percent).
Start a business. Many experienced employees no longer want to work for a boss. Instead they will channel their experiences and talents into starting or furthering their own businesses (20 percent).
Travel. It’s difficult to fit ambitious travel plans into two weeks of vacation per year. Many baby boomer men (66 percent) and especially women (86 percent) plan to travel more in retirement.
Community involvement. Some people want to give back to their community in retirement. Many affluent women (64 percent) and men (43 percent) plan to volunteer once they leave the workforce. Similar numbers of baby boomers plan to pursue philanthropic involvement.
New interests. Retirement is the perfect time to challenge yourself by leaning a new language or musical instrument. Many baby boomers will also take up traditional retirement activities, such as golf or gardening. Over two-thirds of affluent baby boomers plan to begin new hobbies upon retirement.