Baby boomers are the demographic group of 77.3 million born during the post–World War II between the years 1946 and 1964, making up 38 million. They are divided into two groups: Leading-Edge Boomers and Trailing Edge Boomers, making up 37, 818 million. The Leading Edge Boomers were born between 1946 and 1955. They are generally more experimental, individualistic, free-spirited, and social-cause oriented. By comparison Trailing Edge Boomers—who missed the “Summer-of-Love” were born between 1956 and 1964. As a group they are generally less optimistic, have a distrust of government and general cynicism.
Baby boomers challenged the norms and demanded something different—and better at every stage. Senior-hood is no different. As Baby Boomers become Senior Boomer all aspects of aging, retiring, and dying will be challenged and radically altered.
There is a demographic tsunami coming. 10,000 Americans turn 65 every day through 2030. In 2014 there were 40 million seniors. By 2050 it projected to be 89 million seniors. There is a coming crisis that will confront every municipality in America. Seniors struggling with adequate money, housing, health care, mobility, quality of life and death.
Take finances. 46% of Senior Boomers have less than $10,000 in retirement savings, while 26% have no savings at all! They are relying on social security. In 2-14 there were 63 million recipients, while 91 million seniors on social security is projects for 2035. So while the number of recipients has grown dramatically, the number of workers support recipients has dropped precipitously, fro 42 workers for each recipient in 1945 to2.5 workers in 2035. Equally challenging are the coming crisis for seniors in housing, health care and end-of-life care.
With crisis comes opportunity. Every one of the challenges facing seniors—and the communities where they live—is a potential gold mine for those who provide solutions to those challenges.
Take housing. Senior Boomers are rewriting the playbook. Seniors want to stay in their home, which is known as “aging in place”, which is to live in one’s home, modifying the home and using products, services and conveniences to enable on to not have to move. Providing those services and products grow businesses that meet these needs. Retrofitting homes includes adding grab bars and ramps. Increasing the width of doorways. Adding a bathroom on the ground floor. Lowering counter tops and electrical switches. Adding pull out shelves. As a few examples. These projects can keep many handymen, contractors in business, architects, and City building Departments in business.
SENIOR BOOMERS will explore the challenges they are bringing and ways to meet them along with the ways that Senior Boomers will change how we view and experience aging.