The belief that most baby boomers (born between 1946 and 1964) are married or widowed is debunked by a study in the Gerontologist and by observation. https://academic.oup.com/gerontologist/article/52/2/153/615805
One in three baby boomers are single and most of these individuals were never married or are divorced. Only 10 % were widowed. The marital status of baby boomers approaching or reaching retirement is impactful. Unmarried boomers face greater challenges as many do not have children or other family to rely upon as they age. And we are living longer.
Without a partner, boomers may want to downsize their housing as soon as possible and build the nest egg for the future. Also, keeping and building a network of friends old and new who become family is vital.
In Hawaii many families are able and choose to live with multi generations in one home. This can be an excellent plan. Another choice is a retirement community such as Kahala Nui or Arcadia. This can be a good plan as well as long as income and savings are in place to cover expenses.
The takeaway for me in learning that there are so many unmarried baby boomers is that no one needs to feel alone. It has been my experience with my single baby boomer clients that early planning can remove the stress and fear of lack of resources . Consulting as early as possible before retirement with trusted advisors and friends can make retirement comfortable and pleasurable.
Need a market analysis or professional price opinion of your home? There is no fee or obligation. Contact me today. I also distribute a monthly market report of the island of Oahu to keep you up to date on real estate news and with the island communities.
