FORGET retiring into the sunset – baby boomers are continuing to work and build wealth well into their golden years.
A National Property Research Co study, commissioned by Pradella Property Verntures, found the baby boomer demographic, aged 49-68, attache considerable self-value to the workplace.
The study used figures from a 2012-2013 Australian Bureau of Statistics survey of retirement intentions, which found almost 70 per cent of people aged 45-69 were working, with 46 per cent full-time and 20 per cent part-time.
The study found many residents in over-50s villages continued to be employed and, as a result, accommodation options needed to recognise more active lifestyles pursued by baby boomers, as well as provide an employment-friendly destination.
Pradella chief executive Phillip Goodman said this trend could be seen at the Seachange Arundel over-50s community, where he estimated 40 per cent of residents were still in the workforce.
“The current people moving in all want to work into their 70s; they want to reamin active, and they certainly understand they have worth to society,” he said.
Mr Goodman said while residents had a diverse range of occupations – from bus driver to psychologist – they had things in common.
“They like the fact the community is secure, they know their neighbours, everybody is an owner, they like to be able to go away, and come back, and know the community is there,” he said.
Mr Goodman said residents had more time for work and leisure because living at Seachange Arundel removed “the burden of the home”.
“We maintain the grounds,” he said. “You only have to look after your home, and all the homes are brand new. You can use the pool, facilities, bowling green, and you don’t have to clean them.”
Mr Goodman said baby boomers were more demanding than past generations, and generally had more experience in property.
“They are a much wealthier demographic, and one that has taken the time to know what they want,” he said.
Read more about Seachange Village residents in the workforce here.