Baby Boomer Insights

Warning! Retire too soon and you may outlive your savings!

If you're planning to retire, yet still maintain your current lifestyle, you may want to rethink that strategy, based on the results of a new study released this week. According to Ernst & Young, Boomers need to get a better grip on reality. Few will be able to live in retirement like they do today without depleting their savings completely.

You can read the details of the study here from Sunday's Washington Post. Here's the net, net: longer life spans plus poor saving habits plus the lack of a robust employee pension plan equals potential disaster. According to this study, commissioned by Americans for Secure Retirement, the average middle-class Boomer now retiring will have to cut back on his/her standard of living by 24 percent. Boomers who plan to retire in seven years should plan a 37 percent cutback in spending.

Several potential solutions are offered (none of which work alone). But the most intriguing to me is the notion that Congress can help fix the problem. The ASR coalition recommends that Boomers buy annuities (essentially, an investment made now that provides you with an income beyond Social Security in retirement). To stimulate this strategy, they want Congress to pass legislation that would make annuities easier to obtain and reduce the tax burden at payout time. ASR suggests taxes be eliminated completely on 50 percent of the annuity payout, up to $20,000 per year. (BTW, many ASR members are insurance companies that sell annuities.)

I personally think annuities are a great option and Lord knows I'm all for reducing my tax liability at every turn, but it seems to me this solution won't affect enough Boomers for it to make a significant dent. After all, the "mass affluent" - Boomers who have $100k+ to invest - make up only 30 percent of the Boomer population. Some 67 percent have less than $100k to invest, according to Forrester. So while a legislative solution on the surface seems to be a good one, I'm suggesting it's only a piece of the puzzle and shouldn't be viewed as, "That's the ticket!"

For instance, what the study doesn't take into account is that a majority of Boomers don't intend to retire at the standard retirement age of 62; instead, they plan to work several more years, perhaps by re-careering completely or by working part-time. I don't know about you, but I don't have a single retired friend who hasn't cut back on his/her lifestyle or standard of living once they retired. Moreover, most prepared for their retirement by gradually cutting back their lifestyles.

Here's what marketers need to take away from this: Boomers first and foremost want control. So if you have a financial service or product to offer them, especially in their pre-retirement and retirement years, you need to be able to show them how it will help them gain control over their destinies.

Don't try scare tactics such as "You're in danger of outliving your savings!" It turns them off. Instead, evoke a positive emotion and response by guiding them to a proactive solution. Leave the OMG-style headlines to the guys who are trying to sell more newspapers. 

Boomer Pierce Brosnan finds mid-life liberating: out of the tux and into the spandex

When I picked up the paper from the driveway the morning, one of the first things I noticed was a promo for today's Parade Magazine. It said Pierce Brosnan had been dumped as James Bond, agent 007 for being "too old."

"That can't be!" I declared to myself. "He's not much older than I am!" (Just as quickly, I felt ashamed for thinking that I could see why a 50-something Bond woman probably wouldn't do, but that was different.) How is it possible Pierce Brosnan, at 55, is too old to play Bond? As far as I'm concerned, he's just getting old enough. I had always assumed he decided to quit playing Bond because he tired of the role.

Anyway, I made my way to the article on Brosnan, whom I consider one of the most handsome men in Hollywood. I've had a crush on him since he was Remington Steele in the 80's. Sure enough, there was his gorgeous face on the cover of Parade, and on the inside was an article in which he described his shock and disappointment over being told the Bond movie roles were going to a younger man, Daniel Craig. (BTW, I saw Craig as Bond and he didn't even come close to filling those big shoes, in my opinion. "Bond, James Bond," just shouldn't come from the mouth of a blond surfer dude.)

It's the rest of the article that bears the most attention, though. Brosnan talks about his willingness to try something different, to get out of the tuxedo and into bad clothes and platform shoes to play a role in the upcoming film version of Mama Mia! He sings! He dances! He acts goofy! And he loved doing it.

"You have to be able to make fun of your own dignity. You've got to let the movie make fun of your dignity. To let it rip is brilliantly exhilarating," declares Brosnan.

He's onto something. Research shows that Boomers like Brosnan are willing to try new things, seek adventure and not care much about what other people think. After all, according to the Edelman/Strategy One Boomer Insights Study, boomers don't even think someone is old until they're 74. And 75 percent of them feel no pressure to be or act a certain way. Another 88 percent said that doing new things "makes me feel good about myself."

Despite the fact that Mama Mia! is based on the music of ABBA, I'll go see it, just to see Brosnan in this unexpected role.

Meanwhile, I'd love to know if you boomers agree with Brosnan that mid-life is very liberating and something to be celebrated?

Sex and the City movie furthers the notion that gray is the new black

My almost-19-year-old daughter, Sydney, and I went to see the Sex and the City movie last night. When it was a TV series I watched it only on occasion and was never a big fan. But I knew it would be all the rage at the water cooler this week and I wanted to know enough to talk about it.

The first observation I made was that the audience was 90% boomer women. They clapped, laughed heartily, and squealed like the delighted girlfriends they were. Clearly, this crowd loved catching up on the foursome that made TV history talking about things women supposedly really talk about when they're together, out of the earshot of men.

While it was incredibly predictable, even to someone not intimately familiar with the characters, I found it pretty enjoyable nonetheless. I liked that three of the four women characters - Carrie, Miranda and Charlotte are in their 40s  - and Samantha is 50, yet they were portrayed as still stylish, full of life and still interested in talking to death various angles of relationships. The underlying theme of the movie was about forgiveness, something one typically understands and knows more about in her 40s and 50s, for sure. I loved that the actresses were playing their "real" ages and it seemed perfectly natural for them to have many of the same interests in "mid-life" as they did in their 20s and 30s.

In a way, this movie is a continuation of the "gray as the new black" phenomenon we've seen sweeping the country recently. From  "Cougars 4 Cook" on American Idol, to Dancing With the Stars having a devoted boomer audience, to the top three movies featuring "mature" actors (Harrison Ford in the new Indiana Jones movie, Robert Downey Jr. in "IronMan") Boomers are redefining what makes good pop culture. Just as we wanted all the focus on us when we were twenty-something, now we want it on us despite having a little gray around the temples.

Even Neil Diamond has made a big comeback after appearing on American Idol recently. (BTW, I got his new album for Mothers Day and just love it!) And Lord knows we're not done yet hearing all about Madonna turning 50 this year. In other words, Boomers are showing up everywhere, even in places traditionally thought to belong to the "young people."

(It says something, dontcha think when you have to insert a twenty-something star like Jennifer Hudson into the Sex and the City movie to help make it more relevant for that age group!)

Advertisers and marketers need to pay attention because Boomers are in the drivers' seat again, proclaiming what they believe is sexy and sellable. We see ourselves as younger than we really are and we want to remain vital (not necessarily young) for a long time yet, so we'll plop down our dollars if we believe you embrace us.

Boomers want style (even in mundane items) as a part of aging well

My husband and I just returned from a long weekend in the North Georgia mountains, where we took a little getaway to celebrate our 26th wedding anniversary. It was perfect convertible weather and we had a blast driving curvy mountain roads, eating in great restaurants and shopping in unique gift stores.

During our shopping treks, I couldn't help but notice a couple of interesting trends. I saw a lot more items clearly targeted to Boomers and seniors, including nostaligic posters, old tin toys, electronic brain games (right next to the kids' games!) and things like "ageless memories" books. By far, my favorite thing, though, was the countless number of very stylish walking sticks and canes.

Just a couple of years ago, these same shops carried wood carved walking sticks made from native trees and they didn't vary much. They clearly were all about function. This time, though, I saw all kinds of colorful, whimsical walking sticks, some of which carried little tags noting they were specifically for "hikers who seek style." That's code for "I don't want to look like I need this thing." In other words, Boomers and seniors can now hike with the grandchildren (or each other!) and use the walking stick or cane as a fashion accessory as much as for an assistive device.

I'll bet I saw 150 different styles in the course of a day. I even commented to Ralph that these walking sticks in particular would make a fun, interesting thing to collect.

To my way of thinking, these stylish sticks represent so much more than a fun, novelty item in a mountain gift store. They signal an overall trend we're seeing with Boomers. We're traveling more, trying new things and doing both with gusto and an eye toward companies and web sites that recognize that we don't want to defy age so much as we want to age well. We see no reason why we should have to sacrifice style for usability.

That's why you're seeing such a rise in everything from stylish, functional kitchen items to funky reading glasses.

Does your company provide or manufacture a common, functional device for Boomers and seniors? If so, are you keeping it relevant by making it stylish (or at least making the packaging attractive)? Maybe it's the device itself that needs a little spiffing up. Or perhaps you can start with the carrying case.

The point is that Boomers aren't gong to give up style for function as we age. We're still all about customization, personality, fun and above all graceful aging.

Boomers hit the road in RVs and take the grandchildren with them

Despite gas prices already reaching $4 a gallon in some parts of the country, more than 8,000 people showed up in at the Georgia National Fairgrounds last week in Perry GA for Rally 2008, the world's largest gathering of RV enthusiasts. From reports I've seen, Boomers made up the largest number of attendees.

That's not surprising when you consider that Boomers love to travel and often want to take the grandkids with them. A recreational vehicle often satisfies the need to have the comforts of home with the flexibility of driving to your vacation destination.

There are seven types of "campers" and all were featured at the show, ranging from pop-up tents on wheels, essentially, to very luxurious tricked out 42-foot mobile homes that can set you back $750,000. Last year, Ralph and I toured an RV at the annual boat show (go figure) that listed at ONE MILLION bucks and got six miles to the gallon. Whew!

When I was a kid, my family camped all over the southeast. Mom and Dad piled the five kids into a Chevy station wagon towing a pop up camper my father had made and we visited every state park in Georgia and most in Florida during our summer vacations. We met hundreds of interesting people in the campgrounds and it was during this time we learned to love lake swimming. We cooked outdoors and used public restrooms. And not once did we watch TV while we were camping. (Most of today's TVs have multiple high def televisions!)

My Mom, a school teacher (and by that, I mean 100% of the time... she couldn't even tell you the time; she had to explain the time) insisted we tour the state the summer before we each entered the 8th grade because that's when we'd be studying Georgia history and she wanted to give us a head start. God bless her. Every road trip was the opportunity for learning. Meanwhile, Daddy saw it as a chance to teach outdoor skills that included using the river to chill milk and nailing a fish to a tree to scale it.

I think that's the difference in my parents' generation and Boomers. They were the original do-it-yourself types and Boomers are more the do-it-for-me types. That's why we think camping today takes place in a vehicle that can cost more than the homes we grew up in.

But they have something in common too. When all the kids were grown and gone, my parents bought a nice fifth-wheel RV and starting taking the grandchildren on trips. So our kids got the advantage of learning in the comfort of air conditioning.

Here's the lesson for marketers in all this: you can't assume that even in a soft economy that Boomers will be tighter with our money and forgo non-essential items. We put great value on enjoying our money and sharing it with family.

Frankly, I really like the trend of camping as a way to bond with family and create new memories. That's worth waaaaaayyyy more than $4 a gallon!

How to look good naked: do Boomer women really care?

On Friday the Oprah show featured Carson Kressley, the snarky gay fashion guru who became a household name in Queer Eye for the Straight Guy. He has a new gig, a show called How to Look Good Naked, a hugely popular show on the Lifetime Channel.

I wasn't sure what to expect. I am not a fan of Oprah (her constant self-aggrandizement gets on my last nerve) and the very title of Carson's show made me roll my eyes. But I found myself sitting in my recliner with my foot wrapped in ice (from an injury that resulted in a torn tendon) and couldn't find the remote control, so I ended up watching the entire show. (OK, OK... we all know if I had really hated it or if it had been basketball, I would have found a way to change the channel).

Anyway, as you might expect, the show was about women who are down on themselves because they don't think they're attractive, especially naked. Carson's job is to restore their confidence and make them see they really are beautiful as "real women." He offered the predictable advice about how they should see their inner beauty. But the show eventually turned to the typical physical makeover with new hair cuts, make up and trendy clothes, which, of course, helped the women feel better about themselves. (Here's Carson's best tip, btw: if you carry a very large purse, it makes your butt look smaller. Who knew?)

In the end, they agreed to be photographed naked (in an artsy way) and their pictures were plastered on the side of a building where passersby stopped and commented on how beautiful they were. Viewers were left with the impression that the women were forever transformed and that the key to looking good naked is to think happy thoughts, dress sexy when you do wear clothes, and get your self-esteem boost from total strangers. (That's an over-simplification, but not by much.)

I couldn't help but think about the study my company, Edelman and its marketing research company, Strategy One, recently conducted. In it, 75% of Boomers said they do not feel they need to act or feel a certain way. I consider that to be one of the rewards of Boomer-hood. It's both  liberating and validating.

But it's also instructive.  If you want to reach out to Boomer women, keep in mind that most of us aren't whiny, vulnerable, empty pitchers waiting to be filled with self-esteem  by others. On the contrary, Boomer women are confident and independent, eager to have new experiences and share them with others.

Since we aren't particularly brand loyal (only 29% described ourselves that way) and we are willing to try new things, we are a great target for many consumer brands, whether you're selling clothes, makeup, food, whatever. If you already have our loyalty, you can keep it by continuing to be relevant to us. If you want to win our business, you have to show us why your brand deserves our attention.

Do we want to look good naked? Of course. Who doesn't? But the naked truth is we want to be treated as decision makers who can make or break your brand.

Boomers are an active bunch, despite what the entertainment industry, the mainstream media and advertisers seem to think

Boomers are frustrated.  We don't like the way the entertainment industry, the mainstream media and much of today's advertising portray us.

That's what Edelman and Stratey One learned recently in our Boomer Insights and Implications Study. Some 91% of self-defined Boomers feel the entertainment industry is trying to appeal to a younger age group. A full 72% of us feel the mainstream news media are trying to appeal to a younger age group and over half - 54% - are frustrated by advertising the misrepresents our generation.

This really hit me between the eyes just this week. You see, I accidentally ruptured a tendon just running up some stairs and have been wearing a walking cast for several days. Despite the inconvenience, I've continued my normal schedule and, in fact, crossed the country, schlepping through airports and hotel lobbies. Along the way, several people asked me if I fell. Only one person asked, "Did you do that snow skiing?" The age range of the folks observing the likelihood that I fell was all over the place.

The point is, we're conditioned to assume that the older one is, the more likely it is they were injured doing something besides a sport or other vigorous activity. And no wonder. Boomers are too often portrayed as a sedentary bunch who aren't particularly vital and adventurous.

Take paddlesports as an example. Most of the time, when you see a picture in marketing collateral or ads about a paddlesport, you see some hot buff guy or gal showing off their love of adventure and risk. They're usually doing something really extreme, like jumping off a waterfall or throwing themselves in their awesome canoes and kayaks off a whitewater cliff.

But guess who actually buys paddlesports equipment? Boomers. That's what my friends at Quietwater Films and Rutabaga Paddlesports tell me.  It's the Boomers who will spend the money to buy the right equipment, look for instructors and approach the sport with intelligence and a desire to do it right. They seek the adventure and enjoyment of "quietwater" paddling. So while there are actually MORE people interested in - and paying for - a quietwater experience, the ads and media attention usually lean toward the whipper-snappers riding rapids.

That's why I love what Darren Bush (a Boomer) and Jeff Bach (almost a Boomer) are doing. I read all about it in a Wisconsin newspaper.  They aim their marketing efforts at paddlesports enthusiasts who want to learn more about how to enjoy the sports as solo paddlers or in tandem. They educate people about how to enjoy canoes and kayaks and such in ways that encourage physical fitness, interacting with nature and even being adventurous.  In other words, they're advocating for folks like us (Boomers) who want to enjoy sports, just not always the way extremists do.

One way they teach is through video, producing what they call "inspructions," intended to both inspire and instruct people to give paddlesports a try. What a smart approach. That's what it takes to harness the vitality and enthusiasm of Boomers. First, assume we're still vital enough to try a sport; and 2) invite us to participate fully, then get out of the way.

Edelman reveals results of Boomer study: Bull's-Eye Boomers rule!

My company, Edelman, will announce tomorrow that it has created a new consultancy called Boomer Insights Generation Group to specialize in communications marketing strategies to reach and activate Boomers. This is probably the most exciting thing that I've been involved with in my 30 years in PR.

We'll be helping companies understand how to build relationsips with self-identified Bomers, whom we call Bull's Eye Boomers (tm). More than one person has asked me "How hard can that be? After all, we already know who the Boomers are - they were all born between 1946 and 1964."

That, my friends, is the the crux of the problem. Too many companies market to Boomers as though we're defined by our age. Yet, one of the key findings of the Strategy One/Edelman Boomer Insights & Implications Study is that a full 28% of Boomers don't see themselves as Boomers as all. Can you imagine spending millions of dollars marketing a car to people who have committed to walk everywhere they go? And yet that's what companies do every day when they crank up their marketing and advertising campaigns and aim them at this massive group called "Boomers."

The Strategy One/Edelman Boomer Insights & Implications Study, which was conducted in July, 2007, included 1,320 adults ages 43-64. Here are some of the highlights you'll be hearing more about over the coming weeks:

> 72% of self-defined Boomers feel mainstream news and media try to appeal to a younger age group.

> 81% of women and 65% of men believe the government has the greatest responsibility to provide affordable medications to adults age 65 and older.

> Women said lack of money was the greatest challenge they faced when trying to maintain or improve overall health and wellness, with 45% of women and 40% of men citing stress as the second greatest challenge or barrier.

> 29% of surveyed women vs 19% of men say they are primarily loyal to one brand. Only 25% of Boomers of both genders is loyal to one brand.

So, as you can see, despite the fact that Boomers are 78 million strong and represent 24% of the U.S. population, they certainly don't always think and act alike. Moreover, brand promoters who don't understand who their Bull's Eye Boomer is stand to waste a lot of money and influence.

Over the past several weeks as we have sliced and diced the research, I've found myself in constant amazement at how often my fellow Boomers have nodded agreement when I mentioned specific findings to them. The conversation almost always turns to a "you won't believe what I got from such-and-such a company," followed by a tale that ended with "What were they thinking?"

Too often "they're" not thinking - marketers who have always targeted generations are going to be left in the dust if they don't quickly shift gears and start aiming toward the bull's eye!

The Bucket List: Boomers make them, live them

I saw "The Bucket List" this weekend and absolutely loved it! I went into it not certain it would be particularly entertaining, since - for the most part - critics panned it.

In case you aren't familiar with it, the premise is that two men, Carter (played by Morgan Freeman) and Edward (played by Jack Nicholson) are roommates in a hospital owned by Edward. Soon, they both learn they have terminal cancer, so they bust out of the hospital to fulfill the things on their "bucket list," a list of things they want to do before they "kick the bucket." It includes things as daring as skydiving and race car driving, to seemingly the impossible: to kiss the most beautiful girl in the world. The movie isn't even so much about crossing things off the list as it is about considering the very notion that sometimes it takes facing dying to really start living.

The critics noted that boomers were the audience for the movie, apparently believing that it reflects our own attitudes about trying to cheat death somehow. That kind of thinking just misses the mark. Boomers aren't so determined to live an unprecedented number of years. Boomers just want more life in whatever number of years we have.

So it really isn't so hard to imagine that we're big on having adventures. Need proof? Consider this: people 50+ spend an average of $30 billion a year on vacation travel. We want to see the world, but we want to do it on our own agenda.  That's one reason companies  are following the lead set by Elderhostel over 30 years ago to specialize in helping Boomers put together great adventures and vacations. This great site is a leading authority on matching Boomers with unprecedented travel opportunities.

To my way of thinking, this movie isn't so much about trying to pack a lot in before dying. Rather, it's about giving yourself permission to truly live life fully.  It's about taking control, taking action and taking responsibility. Perhaps we can all learn a lesson from this: the best way to plan the end is to create a new beginning.

So, check it out, then make your own "bucket list," and revel in your boomerhood!

Boomers and resolutions: you might be surprised what's on the list!

Over the past few weeks, I've spent a lot of time with friends and family members, many of whom are Boomers. It has been interesting to me to hear about what's on their minds and what plans they have for the upcoming year.

Inevitably, the subject of resolutions came up and I thought it was especially interesting to learn about some of the things my Boomer peers listed. I'll go ahead an tell you that mine include two things: lose at least 10 pounds and learn to play an instrument I've never tried before (the hammered dulcimer).

Here are some things my friends shared:

> Read the entire Bible beginning to end

> Pick a charity and volunteer at least 10 hours a month

> Take a class in landscaping at the local college just to learn more about plants

> Learn a new piece of technology

> Complete a Sudoku puzzle every day

> Remodel the house

> Learn a foreign language

> Learn how to make more money through better financial planning

> Find a part-time job and retire from a full-time job

These are all lofty goals and I've no doubt most of them will be met because the people who expressed them tend to be quite disciplined. We promised to check in on one another over the year to offer encouragement or see how things are progressing.

The big ah-ha for me in these discussions was how often my peers expressed the desire to learn something new, rather than concentrate on breaking an old habit, which is so often the focus of resolutions.  Sure, most of us could do with a few less pounds and many of us probably have a habit we should drop, but I found it downright refreshing (and validating) that so many peers are planning for their futures, rather than trying to correct their pasts.

What does this mean for marketers? Understand that Boomers aren't going to dry up and go away just because the oldest among us will turn 62 this year and perhaps opt to start drawing Social Security benefits. The fact is, we plan to be around a long time, working, volunteering, learning and sharing. Tap into our thirst for knowledge, our energy and our willingness to invest in ourselves.

If you're a Boomer, share with the rest of us what your resolutions are. I'll bet there are a ton of fun, interesting ones I haven't heard yet! So, Happy New Year! Here's hoping this is your best one yet!