As baby boomers retire at incredible rates, they're changing the common perception of retirement.
This generation, commonly defined as those born between 1946 and 1964, is willing to spend on quality and what they find meaningful in their lives. And they’re spending a lot.
Called the “fastest growing consumer age-group in the world,” baby boomers spend more than any other generation. In fact, collectively they spend $400 billion more each year. Those over age 50 are responsible for half of all spending on consumer goods according to a recent Consumer Expenditure Survey, and they have more disposable household income (in 2015, an estimated average of $24,000) than other age groups.
Health and fitness are important to them, of course, both physically and mentally. So they’re spending on that. They’re also spending on leisure activities, which are as varied as the personalities behind them. Some are even volunteering or working post-retirement jobs that give back.
Here are some of the most interesting and meaningful ways retirees are spending their money and time.