Hello, everyone! Greetings! Today’s blog is about the facts. What exactly are we talking about when we refer to the booming and aging of America?
Human beings are emotional creatures, however, I find that concrete, factual information helps us to better understand the situation at hand.
Here are some facts for your enjoyment:
According to Advisor Magazine, in 2010, Baby Boomers are 46 to 64 years old.
76 million Americans were born during the baby boom. Mothers born during the period have had an average of 3.8 kids of their own.
On January 1, 2011, the first boomer turns 65. This will continue at a rate of one every nine seconds until December 21, 2029, when the last crosses that threshold.
By 2030, there will be approximately 70 million people in the United States over the age of 65, almost twice as many as there are today, according to the U.S. Census.
Average life expectancy for a boomer at age 60 today is 80.7 for men and 83.8 for women. One in two will live even longer.
Two-thirds of middle boomers (those aged 52 to 58, comprising 29 million of the group) have at least one parent still living and half still have children living at home. Half have grandchildren. Some 72 percent provide financial assistance to their children and grandchildren, averaging about $38,000 over the past five years.
Boomers spend approximately $2.7 billion annually on consumer goods and services, about 43% of all consumer spending.
Boomers are almost 15% wealthier than the previous generation was at the same age. The middle wave of the silent generation reached age 50 in 1986 and had an average household income of $76,975 (in current dollars); the middle wave of the boomers reached age 50 in 2006 and had an average household income of $90,067.
