Rather than downsizing, many empty nesters are snapping up second homes in lifestyle villages.
For instance, many lifestyle villages offer custom homes with garages as huge as 100sqms, to place to park RVs, boats and caravans. Increasingly, “retirement isn’t all about being practical,” Ken Dychtwald, founder and chief executive of the consulting firm Age Wave, commented earlier this year.
Such stories of big spending have dominated popular perceptions of boomers in their later years.
But many boomers couldn’t be further from living that dream. While some benefit from multiple income streams, members of this sandwich generation often are saddled simultaneously with their children’s mortgage guarantees [ Bank of Mum and Dad ] and health expenses for their ageing parents. Some have to leave their jobs to be full-time caregivers. About 1 in 5 workers between ages 45 and 74 had either taken leave or quit a job to care for an adult family member in the past five years.
On top of that, there’s a mounting number of grey divorce couples who, in their 50's and 60's, suddenly have to divide assets they had counted on. Given boomers’ longer life expectancy, that translates into a lot more bills for many more years.
Savings aren’t helping them much. Even the median savings of just $50,000, is about $250,000 short of their goal. And plans to keep their jobs longer might not work. In the same study, 49 percent of retired respondents said they left the workforce earlier than expected, frequently because of health problems or an employer’s decision.
Boomers know that their financial situation is more precarious than others think. Many boomers believe they will "outlive their money.”
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