In
2006, the oldest of the baby boomers, the generation born between
1946 and 1964, will turn 60 years old. But this enormous generation
has redefined what it means to grow older. Compared with their
parents, boomers are healthier, better educated and living well
into their 80s and beyond. The increasing lifespan has given boomers
the chance to reinvent themselves and pursue new passions at any
age. But in order to do this, boomers must remain healthy, and
a whole new infrastructure has emerged to assist them (and exploit
them) in this regard.
While our entire aging population should expect to dig deep for
health care spending (people aged 55-64 spent $3,262 last year,
and those 65 and over, $3,899.) Women will definitely lead the
way. Although this means our life expectancy is greater, it also
means we are prime targets for annuities, long term care insurance,
supplementary health care insurance, pharmaceutical insurance,
drugs in general, elite medical programs, physical therapy, acupuncture,
chiropractic procedures, medical devices, Spas, exercise programs,
skin care products and specially formulated cosmetics, and a whole
host of recreation and fitness products specifically designed for
our particular status.
Consider:
50.8% Percentage of women baby boomers in 2005. There are 38 million
Baby Boomer women between the ages of 40 and 58. The sheer number
of us is changing the image of mid-life women like no other generation
before
$2,695 Average annual expenditures on health care in 2004 for
people ages 45 to 54 — the age group that is the heart
of the baby boom generation.
57.8 million Number of baby boomers living in 2030, according
to projections; 54.9 percent would be female. That year, boomers
would be between ages 66 and 84
4,041 Number of continuing care retirement facilities in 2003.
Many boomers could have parents in need of such facilities or may
have to move into such a facility themselves in the future.
27,813 Number of fitness and recreation centers nationwide in
2003. These are good places to visit on a regular basis for boomers
who are trying to become or stay physically fit.
11,938 Number of cosmetics, beauty supply and perfume stores in
2003. These stores carry numerous anti aging skin care products
aimed at people in this age group.
According to John Gomperts, who runs Experience Corps, a national
service organization for Americans over 55, boomers are l changing
the concept of retirement. “I think it’s unlikely that
our retirement is going to look like our parents’ retirement,” Gomperts
said. “We’re likely to live much longer, and those
extra years are going to mean all kinds of things.”
Retirement will probably mean many things to many people. “It’s
unlikely to be pure leisure,” he said. “It’s
unlikely to be pure anything. It’s more likely to be a mix
involving work, leisure and family.”
Many boomers will keep working. A survey by The Associated Press
found that most boomers expect to retire around age 63 — but
66 percent of them expect to work for pay after retiring. Forty-three
percent will do so because they want to stay busy, 27 percent say
they’ll keep working to make ends meet and another 19 percent
will work so that they can afford “extras.”
With the first baby boomers turning 60 this year, exactly how
it will play out remains to be seen. “We’re creating
this new retirement as we go along,” Gomperts said. “It’s
not invented yet, we’re gonna all invent it together.”
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