Wishes to Remain Independent
The same boomers who sought to revolutionize society earlier in life are redefining retirement altogether, with one-third of current boomer retirees still working in some way [source: Merrill Lynch]. Even if baby boomers exit the workforce financially sound, they are often "reinventing themselves" with new jobs, volunteer work and hobbies [source: Valeo].
Baby boomers also want to remain independent in their own homes, which will increase the demand for in-home long-term care [source: Carbo]. Staying put might require hiring a professional caregiver (skilled care) or relying on family members (non-skilled care) to assist with daily activities such as cooking and bathing. Boomers are exploring technology that assists with long-term care as they look after their own aging parents. Already, they're using assisted-living cameras and special, prefabricated-and-portable backyard shelters, dubbed "granny pods," to help monitor people who need long-term care [source: NPR Staff].
According to one survey, baby boomers are less prepared for long-term health care because they gamble on government programs and their families caring for them [source: Merrill Lynch]. Read more about how this affects their willingness to buy insurance on the following page.