Del Webb Survey Shows Boomers Looking To Retire Sooner

            Del Webb Survey Shows Boomers Looking To Retire Sooner

Many Likely to Move in Retirement; Focus on Family, Activities & Hobbies

PR Newswire

BLOOMFIELD HILLS, Mich., June 11, 2013

BLOOMFIELD HILLS, Mich., June 11, 2013 /PRNewswire/ --The path of economic
recovery has made baby boomers more optimistic about their retirement
timeline. According to 2013 Del Webb Baby Boomer Survey data released this
month, the majority of boomers surveyed now say they expect to retire sooner
than they planned to in 2010.

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According to the survey, which polled still-working boomers ages 50 to 60
years old, most plan to retire from their current full-time career by the age
of 65, compared to a median age of 67 in 2010.

  oMore than half (57 percent) of still-working boomers surveyed intend to
    retire from their current full-time career by age 65.
  oThe boomer retirement plan today is more in line with Del Webb Baby Boomer
    data from nearly 20 years ago (1996), when 50-year-olds planned to retire
    at a median age of 63.
  oMeanwhile, consistent with prior boomer surveys, 41 percent are either
    likely or very likely to move at some point, with 29 percent currently
    undecided on a future move.

"Boomers are clearly feeling more positive about their situation and the
housing market in general, with more expecting to retire sooner than just
three years ago," said Deborah Wahl, senior vice president and chief marketing
officer for PulteGroup Inc., parent company of Del Webb, the nation's leading
builder of communities targeted to pre-retirement and retiring boomers. "The
percentage of respondents who indicate that they are likely to move again is
comparable to prior studies and is significant when you consider the vast
group of 79 million boomers in America today."

Wahl said the survey data are consistent with the trends Del Webb is
experiencing as boomers continue to indicate they are more comfortable with
the housing market and their overall financial position. Del Webb had a 19
percent increase in 2012 sales compared with 2011.

What Work Looks Like at 65
While 79 percent of boomers anticipate working in some capacity, even after
they retire from their current job, many are planning to make a change.

  o51 percent plan to work full time either in their current or at an
    entirely new job; 28 percent anticipate working part-time or having a
    flexible schedule; and 21 percent anticipate no longer working for a
    paycheck.

Of those who plan to work full or part time at age 65:

  o18 percent plan to do something different than their current career.
  oThe majority (74 percent) anticipates working in a traditional office
    setting or off-site location; 14 percent expect to primarily work from
    home; and 12 percent anticipate a combination of telecommuting and working
    from an off-site location.

Family, Active Lifestyle Take Priority at 65
While the vast majority of still-working 50 to 60 year old boomers plan to
work in some fashion when they are 65, most hope to find better balance in
their lives, according to the survey. At age 65, only three in ten (30
percent) anticipate their job will be a primary focus. When asked how they
will feel about their career and lifestyle, the top responses were:

  oFocusing on activities and hobbies that enhance physical/mental well-being
    (62 percent)
  oSpending time/focusing on family (51 percent); and
  oTraveling (34 percent)

"While boomers are still working, they are not putting off a retirement
lifestyle," Wahl said. "An increasing number of our Del Webb homeowners
continue to work in some fashion, but have changed their focus from their
careers to their family and activities that enrich their lives."

Why Work? Finances Are Not the Only Motivation
While many boomers say they aren't financially prepared to retire (66
percent), some are making a deliberate choice to work longer for other
reasons:

  oTo ward off boredom/maintain a sense of purpose (51 percent)
  oLike to work and are doing it for self-satisfaction (46 percent)
  oMaintain insurance benefits (29 percent)
  oSpend time away from spouse/significant other (6 percent)

Boomers Have Different Definitions of Retirement
Respondents were asked to define "retirement" and had varying views on what it
means. Some define retirement as still working, but in a different capacity
than their current full time career.

  oMost (58 percent) said "not having to work," "working when you want to,"
    or "not depending on others to make a living" defines retirement. Many
    boomers (31 percent) define retirement as "enjoying life" and doing their
    favorite activities.
  oTwenty two percent define retirement as "financial security," "being able
    to live comfortably," and "not worrying about money."

Del Webb has been surveying the 50 and older demographic for more than 15
years, seeking to better understand the attitudes and opinions of this
generation. The diverse definitions of retirement reflect the diversity of
the baby boomer generation and are evident in the variety of Del Webb
community sizes, types and locations across the nation.

About the Survey
The Del Webb Baby Boomer Survey polled 520 online, still-working baby boomers
ages 50 – 60 years old across the U.S. to identify their attitudes toward
retirement. The survey was conducted online by Russell Research April 19 –
22, 2013. At a 95 percent confidence level, a margin of sample error of +/-
4.2 percent applies to the sample. Figures for gender, age and geography were
weighted where necessary to match their actual proportions in the population.

About Del Webb
Del Webb is a national brand of PulteGroup, Inc. (NYSE: PHM). Del Webb is the
pioneer in active adult communities and America's leading builder of new homes
targeted to pre-retirement and retiring boomers. Del Webb builds consumer
inspired homes and communities for active adults ages 55+ who want to continue
to explore, grow and learn, socially, physically and intellectually as they
look forward to retirement. For more information on Del Webb, visit
www.delwebb.com.

SOURCE Del Webb

Website: http://www.delwebb.com
Contact: For Media Inquiries, Kelley Yoder, Office: 312.447.2575, Cell:
419.705.6707, kelley@reputationpartners.com
 
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