Mature Market Experts: More news and stats you can use on boomers, seniors and the mature market – After the Downturn, Will Seniors Retire? A new study released by economists Thomas Steinmeier of Texas Tech and Alan Gustman and Nahid Tabatabai of Dartmouth College suggests that most baby boomers will recover sufficiently from the 2008/2009 economic downturn to only slightly delay their retirement plans.The study purports that the average worker close to retirement age (53 to 58) holds only about 15.2 percent of their money in the stock market. The rest of their projected wealth comes from anticipated Social Security Benefits, pensions and other assets. [Author's note: this is based on the University of Michigan's Health and Retirement Study - does Michigan have a higher percent of pensioners than the rest of the country?] Also, the study’s authors suggest that the recession may actually encourage retirement for baby boomers in a very competitive job market. To learn more click here.

Mature Market Experts: More news and stats you can use on boomers, seniors and the mature market – Baby Boomers Boom into Volunteerism - Volunteerism is on the rise in the US. Some site the realization of increased need in this difficult economy as their motivator. Others are unemployed and willing and able to contribute their time, perhaps instead of the money they might have given in the past. The president’s emphasis on community service is also credited with the drastic increase in volunteers. Numerous people have signed up through the website www.serve.gov. Many of these volunteers are boomers, and nonprofits are benefiting from their business and professional skills, as well as more traditional physical labor. They in turn, site satisfaction as a major reward for their altruistic efforts. To read more click here.

Baby Boomers and Volunteering

• Nearly a third of all boomers – comprising some 25.8 million people – volunteered for a formal organization in 2005. (U.S. Bureau of Labor Statistics)
• At 33.2%, the volunteer rate for baby boomers is the highest of any generational age group, and more than four percentage points above the national average of 28.8%. (U.S. Bureau of Labor Statistics)
• A typical boomer volunteer serves 51 hours a year, or approximately one hour a week. (U.S. Bureau of Labor Statistics)
• The percentage of retired baby boomers who volunteered increased steadily, from approximately 25% in 2002 to approximately 30% in 2004. (U.S. Bureau of Labor Statistics)
• Volunteering tends to peak at mid-life, around the current age of baby boomers, and then decline slightly; declining further among the oldest old (typically 75+).
• The biggest single inducement for baby boomers to volunteer is being asked by someone with whom one has an established relationship.
• Baby boomers are less likely than older age groups to volunteer out of a sense of duty or obligation and more likely to volunteer as part of a social interaction.
• Baby boomers are more likely to volunteer as a result of social, self development, self-esteem, or leisure-focused motivations. Episodic, familiar, community-based opportunities are also preferred.
• Four out of five boomers see work as playing a role in their retirement years, with only 20% anticipating retiring and not working at all (AARP):
• Of U.S. workers over 45, 69% plan to work in some capacity during retirement, with only 28% expecting not to work at all.
• More than 75% of workers 45+ feel that work is important to their self-esteem.

(Research taken from the 2004 “Reinventing Aging – Baby Boomers and Civic Engagement” report, Harvard School of Public Health & MetLife Foundation Initiative on Retirement and Civic Engagement, unless otherwise cited.) Source: Get Involved

If you own or operate a retirement community or health club, you owe it to your residents/patrons and yourself to serve as a spark for their spirit of volunteerism. By enabling them, you not only engage their body, mind and spirit … you also open an incredibly valuable public relations source for the community. Many retirees are searching for new meaning in their lives. After all, society tends to devalue you once you retire. What’s the first question someone asks you at a party? “So, who do you work for?” Well, these stories don’t appear in the paper by accident, they are often guided by talented PR people. And the effect? Seniors look at a story like this and go, “I want to be involved!” Very often their next thought is, “Man, I want to live at a place where people are doing cool stuff!”

Think about it this way, have you ever placed an inspirational story about one of your residents/health club members? PR is even more powerful than advertising. It comes across as an unsolicited recommendation. I guarantee you, the stories that you don’t yet know about your residents/members will amaze you. And even more importantly, getting to know your residents/members this deeply, so that you can discover these stories, will be even more important than the PR itself. Your members will feel a real connection with you. They know that they belong and are cared for. Plus, most people love being stars!

Hint: These stories are EASY to create, if you know how to create real relationships with the people you work with and the surrounding community. If you’d like some more “relational marketing” ideas, check out this PowerPoint presentation.

Mature Market Experts: More news and stats you can use on boomers, seniors and the mature market – New Industry Helps Seniors Downsize and Relocate. Getting people past the fear of downsizing has long been a hurdle that those of us who sell retirement communities, assisted living, or nursing care have long had to deal with. There are over 78 million baby boomers, plus their seniors, who may need to move to more suitable housing in the future. With that comes an awful lot of hand-wringing and resistance, in addition to the physical challenges moving presents to an elderly population. Enter “move management” consultants, who do everything necessary; decorate the new residence to look like the old familiar one, reassure the client, and coordinate the actual movers. Here’s an excellent article by Thomas Heath of the Washington Post that captures some of the challenges of downsizing, click here.

PS    The TR Mann Consulting team … and the loose band of compatriots at Mature Market Experts would like to wish you a Happy New Year!