10,000 Baby Boomers A Day To Turn 65
United States – For many years we have watched the “Baby Boomers” and the impact they have had on the American Economy.
This group of individuals have a tremendous impact on the US economy. The group controls around 80 percent of all personal financial assets and over 50 percent of all discretionary spending. In addition, they buy over 75 percent of all prescription medications, over 50 percent of all consumer spending, over 60 percent of all over the counter medication, and around 80 percent of all leisure travel. These are amazing statistics.
A “Baby Boomer” is technically anyone born between the years 1946 and 1964. This was a period after World War II ended during which Americans were having more babies than normal. According to US Census Statistics there were approximately 76 Million people born during this period.
Beginning in January of 2011, over 10,000 “Baby Boomers” a day will reach the age of 65. This will continue for a period of 19 years.
With this large number of people reaching the traditional retirement age, it will be interesting to watch the impact on the economy, social security and health care. Many of these Boomers will not be able to retire at 65 as planned as the recent downturn in the US economy has devalued their retirement funds to a level that will not allow them to afford to retire as planned.
