Baby boomers making their own rules

BABY BOOMERS MAKING THEIR OWN RULES In 2011, the first Baby Boomers turned 65. Not quite ready to retire quietly, they are changing the way society does retirement. From employment to travel, the Baby Boomer generation continues to do things by their own rules. EMPLOYMENT In 2010, the % of those still working in the 65-69 age bracket was 71% 32%, up from 18% in 1985. The Great Recession threw everyone for a loop. While most attention has been on younger generations, the Baby Boomer generation was also adversely affected. plan to work in retirement. 24% plan to alternate between work and leisure. 40% plan to work until death. 39% will work part-time. From 1996-2010, 53% Baby Boomers started new businesses at a record pace, up to Baby Boomers age 45 to 54 (where the majority of Baby Boomers are), also saw an increase in new businesses. In 2010, these younger Boomers made up 25% of new of entrepreneurs or independent workers are female. BUSINESS 23% Many who retired or lost their jobs switched to being According to an MBO Partners' in 2010 from 14% in 1996. entrepreneurs or independent workers. report, out of the total independent workforce, entrepreneurs. 30% are Baby Boomers. LEISURE Consumer Spending Baby boomers spend nearly $230 billion Baby Boomers, also known as the "Me Generation," are known to be connoisseurs of the finer things in life. They purchase the latest and greatest of new technology as well as other items that provide a great service to their life. a year in consumer packaged goods. Museums/VirtualTours 65% of all art and history museum patrons are over the age of 50. 51% They account for Boomers aged 50 and over spend 49% of Boomers aged 40-49 have taken virtual tours. $7 billion of total sales. a year shopping online. Internet Usage 33% 33% The Internet is not just for young people. While you can find a decent amount of people over the age of 50 eschewing the Internet, those numbers are coming down. Not only are Baby Boomers embracing the Internet, they are embracing all types of technology, including mobile. of those aged 65 and older use of Internet users are Baby Boomers. social networking sites regularly. 51% of those aged 50-64 are socializing online. According to Match.com, Baby Boomers aged 50 and over are the fastest growing age group on their dating site at 26.5%. 32% of the 50 and Volunteering/Schooling over group watch videos online. O 54% of Baby Boomers plan to volunteer. 44% of Baby Boomers plan to take classes or learn something new, TRAVEL Baby Boomers account for about 61% 80% Baby Boomers born between 1946 and 1954, make up 15% of all leisure travelers. They take about 4.4 trips every year. of leisure travel. of Baby Boomers plan to travel during their retirement years. Boomers also account for 16% of business travel, averaging about 10 trips a year. Baby Boomers are definitely spending more time aboard cruises; 47% of those who go on cruises are 50 and older. Baby Boomers also travel a lot, accounting for 21% of leisure travel, and averaging 4.1 trips in a year. Business travel is 22%, and they take 5.6 business trips per year. Baby Boomers love the creature comforts of home so much that Boomers spend an average of they choose purchasing a vacation home over staying in a hotel or vacation rental. 15% of Baby Boomers who owned homes also owned a second home. $3,324 on leisure travel. Sources: 2013 Merrill Lynch Retirement Study, AARP, 2010 Kauffman Index of Entrepreneurial Activity, MBO Partners The State of Boomer Independents, March 2012, Nielsen & BoomAgers, Reach Advisors, Pew Research Center, Match.com, US Travel Association, Research Institute for Housing America, Hotel & Resort Insider TM CreditDonkey CreditDonkey.com helps consumers of all ages with "donkey-proof" (easy to understand) financial tips and deals.