Baby Boomers Retirement Plans are Different than their parents.

According to a Reuters article, Baby Boomers are more likely than their parents to pack it in for foreign countries, where they can save on living costs and enjoy warmer climates. 

They are also starting new businesses.  Almost a quarter – 21 percent – of new U.S. businesses started in 2011 were launched by entrepreneurs age 55 to 64, according to the Kauffman Foundation, up from 14 percent in 2007.

They are more in debt.  Older Americans are taking more debt into retirement than previous generations. Mortgage debt is the biggest factor: Forty percent of homeowners over age 65 had mortgage debt in 2010, compared with just 18 percent as recently as 1992, reports the Joint Center for Housing Studies at Harvard University.

They are providing financial support.  Some 58 percent of boomers are providing financial assistance to aging parents, such as helping them purchase groceries or pay medical and utility bills, according to an Ameriprise Financial survey of just over 1,000 Americans conducted in late 2011.  Almost all boomers surveyed – 93 percent – say they have given their children a hand. A majority have “boomerang kids” who have moved back home to live rent free (55 percent) or afford a car (53 percent).

And they are not running to Florida.  Boomers are attracted to communities with large universities and affordable housing, says John McIlwain, senior resident fellow for housing at ULI and author of the report.  The biggest draw affecting relocation? The kids.

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