Agent

What will happen to real estate when boomers retire?

How to fill the void remains to be seen
  • As real estate agents retire, they will leave the industry, and their experience will go with them.
  • Either because of retirement or more new young agents, the average Realtor age went from 57 to 53.
  • As I talk to other agents and brokers, I find that few have a succession plan for their business.

Retirement at around the age of 65 is a relatively new invention. It was invented in Germany in 1883. People received a pension or were paid to retire at 65 -- but the program did not cost the government much because most people did not live long enough to retire for very long, or at all. During the industrial revolution in this country, we had elderly factory workers slowing the assembly line down, hosing things up and calling in sick. In 1935, Social Security was invented, but the idea of being retired and sitting around waiting to die persisted until sometime in the 1950s, when wealthier retirees would stop working and enjoy leisure-type activities that they could pay for because of their pensions. Retirement today Fast forward to 2016: There are people alive today who have been retired for 35 years. It takes a lot of savings to finance a fun 30-plus-year retirement, and not everyone has managed to put enough money away or had a job with a pension that could help finance dec...