Baby Boomer Finance – Retirement

Welcome to this weeks edition of Baby Boomer Finance – Retirement

Show Notes:

From a report by The Media Audit.  17.9% of Americans are retired.  That is up 6% over five years age.  With the Baby Boomers arriving at retirement and people living longer, this number should continue to increase.

Some facts about retired people's consumption:
    83% own their own home
   
    30% have a nest egg worth $100,000 or more
   
    13.1% of new automobile sales are to retirees up from 11.1% five years ago
   
    16% of adults that frequently stay at hotels are retired compared to 14.7% five years age
   
    Frequent beer consumers are now made up of 13% retired
   
    Adults who are retired are 6% more likely than the average American to dine out at a full service restaurant and make of 20% of those who frequently dine out
   
    14.3% adults who plan a cruise are retired
   
    Almost 20% of lasik surgery is done on retirees
   
Retired adults spend:
    30% more time watching broadcast TV
   
    14% more time watching cable TV
   
    25% more time reading the newspaper
   
Retirees today spend 89 minutes a day online but the Baby Boomer generation spends 123 minutes a day.

Most affluent retired adults are found in larger markets:
    Washington D.C. – average annual income of $64,000
   
    Average income of $50,000:
    San Jose, California
    Fort Myers-Naples, Florida
    San Francisco, California
    Long Island, New York
   
Top ranking retiree markets:
    Ocala, Florida (36%)
    Fort Myers-Naples, Florida (34%)
    Daytona Beach, Florida (33%)
    West Palm Beach, Florida (31%)
    Melborne-Titusville-Cocoa, Florida (29%)