Currently, theres around 70 million people of the Baby Boomer generation living in the United States as of today.
Is there really a large problem looming on the horizon for society because of this population? Census Bureau shows that there are 76.
Records show that there were 76 million births in total. Immigration of this generation into the country has supplemented the deaths that have occurred within the generation, however, to account for a 400,000 population increase.
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In 1964, they actually made up 40% of the total population. Baby Boomers have seen a lot of changes in the world, some of it good and some of it bad.
This generation had to partake in a draft, just like their parents.
They have even seen the official retirement age pushed upward from 65 to 67. This generation is expected to live longer and that expectation is projecting financial problems, but the How many Baby Boomers are still alive?
statistic speaks volumes. That amount will certainly offset some of the expected financial difficulties that are projected to take place. Why Is There So Much Concern For The Baby Boomer Population?
The problem that this generation is facing is a spending problem. Baby Boomers account for half of all the vacation spending that occurs in the United States.
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They account for more than half of all packaged good sales. Their generation, in fact, outspends the younger generations in almost every single consumer category. If the Boomers want to have a meaningful retirement, have access to quality care, and be self-reliant as they age, then their spending habits may need to be reigned in.
Baby Boomers are living longer and will have fewer people in the workforce to support them during their retirement.
This is why it is so important for them to be investing in their retirement and future care needs right now instead of spending in the present.
If Baby Boomers are looking to secure their future, then the time is now to begin saving for a retirement, making quality investments, and being smart about their spending.
Billions could be saved just by cutting out simple things, like only purchasing half of the clothes that are wanted or taking a shorter vacation than desired.
This generation has worked hard, sacrificed a lot, and seen some incredible things. Now they have one more challenge on their hands: making sure that they can afford to retire well.