DENVER: Boomers have changed each life stage they have passed, and older boomers are redefining what it means to retire.
They want to be able to enjoy the lifestyle to which many have become accustomed during their working lives.
However, there are challenges. While many have benefited from rising house prices, for many others, the size of their superannuation accounts is not big enough to afford the retirements they would like.
More boomers are entering retirement with debt and their adult children are staying at home for longer, which is making it harder to save.
A survey has found a disconnect between what boomers expect their retirement to be like and what reality has in store.
It found 35 per cent of boomers described themselves as “completely unprepared” for retirement, 51 per cent as “somewhat prepared” and only 14 per cent as financially prepared.
In a second survey of over-50s, released in June this year, one quarter said they had less than $50,000 in super/retirement savings with a further 12 per cent having $50,000 to $100,000.
Not surprisingly, only half of over 50s say they are looking forward to retirement.
Nearly two-thirds estimate they will need to rely on the age pension to supplement their retirement income, highlighting the fact that the system came too late for some to get the maximum impact…