Consumers
Many retirees want more than financial well-being in retirement. When asked what retirement means to them, Baby Boomers go beyond attention on health and financial security to activities intended to increase their happiness. People often describe their hopes for retirement in terms of money, health and happiness - and well-being is the concept that captures all three.
Retirement readiness, as defined by the International Foundation for Retirement Education (InFRE), consists of the intersection of three ares of preparation that create retirement well-being:
- - geo-financial (geographical and financial readiness)
- bio medical (biological and medical readiness), and
- psycho-social (psychological and social readiness).