How Americans Plan to Spend Their Retirement?

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Retirement is what you make of it — as long, that is, as your health and your bank account cooperate.

And don’t be surprised if you surprise yourself.

One senior living community company, Provision Living, surveyed 2,000 Americans between the ages of 22 and 74 about their dream retirement.

The survey found that baby boomers who responded preferred to retire in a home of 1,510 square feet while millennials wanted a little more space, or 1,890 square feet. Boomers thought they needed to have $574,000 saved up to enjoy retirement, while millennials said they needed $687,000.

Boomers reported that their dream retirement age is 64, while millennials dream of retiring at 56.

The surveyors defined millennials as those born between 1981 and 1996. Baby boomers were born between 1944 and 1964. Survey respondents were spread across all ages, with the highest numbers being younger.

Grouped together, the survey queried roughly 1,100 millennials and approximately 360 boomers, with the remaining respondents born between 1964 and 1981.

The same percentage of total respondents — 53 percent — said they will have more sex in retirement as said they will work part-time. And 68 percent planned to volunteer.

Nearly 35 percent said they plan to travel in retirement, while 21 percent said they would spend time with family. More than 14 percent planned to pursue relaxation and leisure, while almost 10 percent planned to spend time on hobbies.

Found it interesting? Let us know.

Questions, comments, or concerns? We’d love to hear from you! Send an email to staff@winninginwealth.org or book a call at Shateka.com.

Also, don’t forget to go to 

@shatekahusser and download your retirement planning workbook so you can begin TAKING ACTION toward your retirement.

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