Leanne Italie
Associated Press Writer
Baby Boomers are self-centered and technology-challenged. They're affluent and retiring early.
Not necessarily so, according to a new report from the AARP that disputes some prevailing myths about the swelled ranks of the generation born between 1946 and 1964.
More life events occur for people between ages 50 and 65 than at any other time, according to the March report, which said the typical boomer experiences an average of two major shifts a year in career, family, finances or health. Of 17,040 boomers surveyed by written questionnaire, 11 million had recently bought homes, 5 million retired and 7 million started new jobs.
"The point we're trying to convey is this is a group you can't easily stereotype," said Howard Byck, a strategic alliances planner for the American Association of Retired Persons. "The myths are really perpetuated by the media and by businesses, mostly from a marketing perspective."
The survey, conducted in 2006 by the research firm Focalyst, identifies other boomer "myths":
_ Myth: Boomers are the "Me Generation." Reality: 70 percent feel a "responsibility to make the world a better place," and 57 percent try to buy from companies that "give back to their communities." Twenty-four percent recently volunteered for a charitable cause.
_ Myth: Boomers can't handle technology. Reality: 82 percent said they use the Internet, with online activities that include financial transactions, gaming, and downloading music or movies, while 17 million own MP3 players and 29 million own digital video recorders such as Tivo.
_ Myth: Boomers are wealthy. Reality: They're the wealthiest generation in history, but only 9 percent are truly affluent, with pre-tax incomes of $150,000 or more if working and $100,000 or more if retired. While they have $2 trillion in discretionary income, 25 percent have no savings accounts or investments apart from their homes, and nearly 4 in 10 have no life insurance.
_ Myth: Boomers are retiring early. Reality: Only 11 percent plan to stop working when they reach retirement age, with 13 million already working in what they consider a second career.
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On the Net:
American Association of Retired Persons: http://www.aarp.org/
