Over the last few years it has become more apparent as to the impact baby boomers will have on the US economy. They are living longer, spending more and have created a balance between staying in the workforce and enjoying their retirement.
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▪ 78 million Americans who were 50 or older as of 2001 controlled 67% of the country’s wealth, or $28 trillion (U.S. Census and Federal Reserve).
▪ According to the survey by American Express Financial Advisors, 85% of boomers see their retirement as a time for “learning and self-discovery”, 65% for “reinventing oneself” and 51% for a “new beginning.” About nine in 10 (88%) see it as a new phase of personal growth and development. Also, six in 10 say they plan to work because they want to not because they have to.
▪ Two thirds of Americans ages 50-64 use the Internet (Pew Internet & American Life Project)
▪ Households headed by someone in the 55-to-64 age group had a median net worth of $112,048 in 2000 – 15 times the $7,240 reported for the under-35-age group. And within five years, about a third, of the population is going to be at least 50 years old (U.S. Census and Federal Reserve).
▪ The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (banking accounts, securities, etc., U.S. Consumer Expenditure Survey).
▪ Adults 50 and older account for an estimated $1 trillion+ in total expenditures in 2005 (U.S. Consumer Expenditure Survey and FINDSVP projection).
▪ Consumers 50 and older own 65% of the net worth of all U.S. households (U.S. Consumer Expenditure Survey).
▪ The life expectancy for people who live to age 65 is an additional 18 years, or to age 83, according to the National Center for Health Statistics. The life expectancy for those who live to age 65 is higher for women, almost 20 years, than for men, almost 17 years.
▪ 77 million people were born between 1946 and 1964 (NCPA Idea House)
▪ The first baby boomer turned 60 on January 1, 2006.
▪ Each day in 2006, 7,918 people are turning 60, amounting to 330 every hour (U.S. Census Bureau). The second fastest is the age group 85+.
▪ Currently, there are more than 40,000 centenarians in the United States, or a little more than one centenarian per 10,000 in the populations; 85% of them are women, 15% are men (Dr. Thomas Perls, Boston University School of Medicine, New England Centenarians Study).
▪ By 2050, there will be more than one million centenarians in the U.S., up from 71,000 today (U.S. Census Bureau).