This is the first generation of retirees to have witnessed their parents grow old.

This generation of retirees also has more money than ever before. Mid-50’s Boomers have seen a 14% wealth increase ($153,335) with their wealth rising since 2012 from $1.086 million to $1.24 million.

Not only does the average Australian household aged over 55 have a net worth exceeding $1 million, but, due largely to rising property prices over the last few years, it is also seeing the fastest wealth increases. 

This is why, since the end of COVID-19 lockdowns, there has been a big demand for over 50s independent retirement living and land lease communities, with their prices about 35% below the suburb’s median price.

There are now three types of retirees

Some people stay in the workforce post-retirement age, either because they cannot afford to retire yet or they enjoy the routine and camaraderie.

Others in the retirement cohort see their lives differently. They want to be more involved with their families, their children, their grandchildren. This is where a retiree may sell their three- or four-bedroom home and move into an independent living apartment nearer their family to be of assistance.  

The third set are those you see coming off the cruise ships. They too may have sold their home, moved into a “lock and leave” retirement village or land lease community, and see retirement as a new beginning.

The message?

There is a retirement living option to suit all seniors, regardless of your retirement plans.