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Monday, October 10, 2011

Will the changing definition of retirement alter food shopping?

That was the question posed by FMI’s Facts, Figures and the Future, and as published in today’s newsletter from Phil Lempert.  Click here to see it.

Implications:   Of course, the question is rhetorical, and the answer (for many consumers) is “yes.”  But not all of the changes in planned retirement behavior have to do with the recession.   Many of the changes have more to do with the fact that we’re going to live longer.

In 1950, when someone was getting old enough to retire, the common fear was often, “Oh no!  What if I die?”  In 2011, with lifespans for many folks reaching into their 80’s, 90’s and beyond, the more common concern is likely, “Oh no!  What if I live?!”  Once upon a time, a nest egg had to last five or ten years.  Today, it might have to last thirty or more.

That’s why people will likely look for ways to be re-hired after they’re retired.  A small income to supplement their nestegg (investments, social security, etc.) is a no brainer.  And their spending is likely to be adjusted, also, to reflect their evolving financial situation.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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