Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



As more and more Baby Boomers turn 65 and reach retirement age, they are reshaping the landscape of the retirement phase with a shift in their mindset; they are pursuing old dreams, exploring new opportunities, and thinking about retirement in an entirely new manner. Bank of America Merrill Lynch partnered with Age Wave to examine how Americans are preparing for retirement and analyze the seven life priorities that are most important to today’s retirees: Health, Home, Family, Work Giving, Finances, and Leisure. Although there is much optimism and opportunity that comes with this new wave of retirement, there is new concern as well. As the average lifespan increases, health issues are also becoming more prevalent. In this piece, we explore the many issues, both positive and negative, that both create and are a result of this new take on the retirement life stage.


The published version of this Working Paper may be found in the 2017 publication: Financial Decision Making and Retirement Security in an Aging World.


Retirement, longevity, aging, Baby Boomers, health, home, family, work, giving, finances, leisure

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. © 2016 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

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Finance Commons



Date Posted: 06 March 2019