This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Baby Boomers Don't Want Your Retirement Communities

PORTLAND, Ore. (TheStreet) -- Sorry, Generation X and millennials, but the house you grew up in probably isn't your parents' dream house. Neither is that retirement kennel you want to put them in.

As baby boomer parents stop being polite and start locking their now-grown children out of the house and calling real estate brokers, a survey discovers that they're ready to live on their own terms. According to the survey by Better Homes and Gardens Real Estate, 57% of homeowners ages 49 though 67 plan to move out of their current home. A full 70% of those who do believe the house they retire in will be the best home in which they have ever lived.

"Baby boomers are known for being a hardworking, trailblazing generation," says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "As they have done with every other major life event, they are marching head-on into retirement with big plans and no desire to change pace."

Wow, even for real estate, that's a lot of flattery to heap on what's already a bloated pile of historical ego and overinflated cultural self-importance. But that's how you get a generation that throws around terms such as "retirement lifestyle" and "retirement lifestyle plan" -- which 49% of confident baby boomers say they already have scrawled out somewhere -- perhaps in a file on an aging Gateway2000 desktop or in that legal pad from the office supply closet that they used to "take notes" during the last monthly meeting.

So what does a "retirement lifestyle plan" entail? Well, for one in four baby boomers surveyed, it means buying a second home to use as a vacation or guest house until they retire, at which point 69% are willing to make huge renovations to turn that house into their dream home. Meanwhile, a full 31% of boomers are more likely to sell their house now than they were five years ago. Not only are they confident in a recovering housing market (albeit one still fraught with foreclosures), but they're ready to pull the trigger before the economy decides to wipe out their equity again.

Where they go from there is still anyone's guess. A full 39% want to live in a small town or rural community, while 26% want to fill in all of those empty-nest flats in amenity-laden buildings springing up in various U.S. cities. Only 27% would commit to a traditional 55-and-older retirement community, mostly because a full 72% would like to stay in the state where they live now.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs