Retirees are living better, spending more – and redefining what it means to grow older.

It only takes a glance at your TV, your Facebook feed or your favourite news site to see how much society has changed. Retirement, once a quiet stage of life, is now front and centre – celebrated, marketed, and lived to the fullest.

And nowhere is that more obvious than in the way today’s retirees are spending.

Retirement has never looked so good

According to the Retirement Living Council’s latest census, moving into a two-bedroom independent living unit for over 55s costs, on average, just 59% of the median house price in the same postcode. That’s freeing up a huge amount of equity for retirees – and they’re putting it to good use.

In fact, Australians aged 70 to 74 are now outspending younger Australians aged 18 to 34. Those in the 65 to 69 bracket are also spending more than any other group under 45.

That means Baby Boomers are not only more cashed-up – they’re actively choosing to spend their wealth on lifestyle, travel, health, and experiences.

Boomers vs Millennials: Who really spends more?

Research from WPP Australia & New Zealand shows Australians over 50 are leading the pack across nearly every spending category:

  • Travel
  • Cars
  • Entertainment
  • Health
  • Online shopping

“When it comes to buying consumer goods online, over 50s spend about $40 billion more than Millennials and Gen X each year,” the research states.

So, while younger Australians might dominate social media, it’s the Boomers who are powering the economy.

Why the shift is only just beginning

Thanks to rising superannuation balances, strong home equity, and better financial planning, older Australians are entering retirement in stronger financial shape than ever.

CommBank iQ data backs this up – showing older Australians are spending more as they retire, because they have the means to do so. That’s great news for the seniors’ housing sector, and for communities offering active, independent lifestyles.

But the story isn’t so rosy for younger generations. Those under 40 are more reliant on wages than on investments, and are facing growing challenges in housing affordability and cost of living.

A generation rewriting retirement

Today’s retirees are turning the traditional idea of retirement on its head – and showing that life after 60 can be the most rewarding chapter yet.

They’re not just living longer. They’re living better, richer, and more adventurously than any generation before them.