Whether the subject is aging baby boomers healthcare, or baby boomer statistics, baby boomers effect the economy. They dominate the numbers.
The Cost Of Aging In America Is Tied Directly To The Aging Baby Boomers’.
The Cost Of How Baby Boomers Effect The Economy, Is Front And Center.
But it’s not the cost of each senior, it is the collective costs. It has always been that way.
Here is an interesting infographic. It has been produced for the Milken Institute School of Public Health at the George Washington University,
While this infographic has appeared in more than a few publications and articles, it seems that the numbers are meant to alarm older Americans. There are a couple of points that need to be gleaned from the data.
The institute that produced this information is focused on the cost of care and medical needs of those over 65. That is their expertise and that is what they report on.
The numbers here are important. There are so many however, it is difficult to get one’s arms around all of it.
Certainly, baby boomers coming of age as seniors will swell the demographics.
That Is No Surprise.
Baby boomers have been doing exactly that since 1946. Whatever the focus, baby boomers are noticed. Baby boomers get center stage. So what?
The AARP is quick to point out that the cost of health care will sky rocket as America ages. Are we supposed to be surprised that a group whose entire market is selling to seniors, will cause fear?
Will AARP somehow rush to the rescue? Will there be another product from which they can profit?
In 2015 the number of Americans over 65 was recorded as 89 million. The number is not a surprise, yet there is a sort of shock value attached.
The same shock took place in 1950 when there was a boom in school construction. Then by 1960 the size of high school classes were a problem. By the mid 60’s some high schools were graduating over a 1,000 students a year. Somehow we managed to survive.
Look at these numbers. [from the infographic]
- 1900 That is before the parents of most boomers were born. 3.3 Million people 65 and older
- 2010 The first boomers turned 65. There were 40.3 million people 65 and older
- 2015 Just last year the number more than doubled to 89 Million, 65 and older
Is your response one of concern, shock or are you saying good?
If you’re in the camp that likes being in the majority, then you will enjoy your senior years more than those who do not.
As a consumer group, seniors will be offered more choices in products of all description, than any other generation of seniors.
Quality medical care is only one segment. With 89 million and growing daily, the numbers demand attention. Seniors of this generation will have choices like no other generation in history.
Seniors will see many lifestyle options for no other reason than marketers see the size of the demographic and will work to fill the need. It’s economics 101.
The number will only grow. Baby boomers are aging and there are a lot of them. By the year 2050, according to the infographic here, the increase will be triple the number from 2012.
By that time, boomers would have already flooded the market of funeral directors and mortuaries. By the year 2050, the first boomers will be 105 years old.
Don’t be alarmed by the staggering and often confusing numbers from the Milken Institute School of Public Health at the George Washington University.
For American seniors, the focus needs to be on a vibrant, expanding economy, spurred by strong fiscal restraints of government so that the treasury will be able to fund the programs of medicare and social security.
Baby boomers effect the economy. They always have. Until such time as they begin to die off, baby boomers will continue to move the needle.
It is not an issue that should cause panic. Medical costs will rise. That does not mean that seniors will go without. Nor more than it meant there would be no jobs when millions entered the work force every year, beginning in the 1960’s
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