Today’s “middle income” baby boomers, or those falling into the income bracket between $25,000 and $75,000 annually, say their preference for receiving care in retirement is to receive care in their homes.
They’ve also redefined their retirement expectations, according to a report from the Center for a Secure Retirement.
More than half of these upcoming retirees believe their retirement care will not be the same as it was for previous generations, Largely, this population, defined by the study as Americans ages 49 to 67, in the middle income bracket, believes it will be more active and more satisfied in retirement, but that it will not be able to rely on care from family members or insurance provided by former employees.
Further, a majority—at 84%—say they wish to age in their homes, while 30% say they prefer an independent living community as a place to receive care in retirement.
And of those surveyed, only 8% have a detailed plan for retirement, versus 72% who have no plan and one in five who have a “rough plan.”
The survey was conducted in April 2013 by the Bankers Life and Casualty Company Center for a Secure Retirement. View the survey results.
Written by Elizabeth Ecker