“Retirement” is fast becoming a term—and a concept—that defies definition. Thanks to increased longevity, healthier lifestyles and changing expectations, this stage of life has emerged as a decades-long experience requiring considerable planning both financially as well as psychologically. The approaching retirement of the massive Baby Boomer generation has led a wide variety of service industries to re-examine how they can best tap into the emerging and diverse needs of this market.

In general, people may be “retiring” earlier than previous generations. One in five (19%) men aged 65+ were still working in 2003, compared to 46% in 1950. At the same time, life-expectancies are increasing, as people are living well into older ages. This presents significant implications for the financial industry as it seeks to address the retirement planning needs of a widely diverse aging population. It also indicates the need for an increased emphasis on the challenges of managing retirement assets for continued growth in order to sustain a longer lifespan. Even individuals who may have saved adequately for retirement might find themselves coming up short unless they have fashioned a plan that will ensure they do not outlive their funds.

This report will identify trends that are now taking shape among the “Baby Boomer” generation as they approach the traditional retirement age, as well as psychological attitudes about retirement, how and where older individuals are saving, lifestyle trends in terms of where and how they will choose to live, and where they are keeping their retirement savings and other assets. It will also examine some of the differences that have been identified in “retirementality”—including retirement confidence and attitudes—among various ethnic groups as well as pre-retirees and retirees in the U.S.