National Council of Health Facilities Finance Authority
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BABY BOOMERS AND THEIR IMPACT ON OUR SOCIETY The beginning of 2006 has already led to many new events which will drastically affect the way the world functions. One of the most potentially lucrative is the 60th birthday of the baby boomers, or the generation who were born between 1946 and 1964. Currently, there are 76.9 million baby boomers in the U.S. and they control half (more than $2 trillion) of all consumer spending. The fact that they are now close to or already entering into retirement has brought on the question: now what? Health, work, housing accommodations, personal technology, transportation, and death are all things that are going to be the most heavily-weighed things on the baby boomers’ minds as they enter into their golden years. Already boomers are expected to live longer than any other generation. Men who reach 60 are expected to live an average of another 20 years, while women who reach 60 are expected to live another 23.5 years. Even with that expectation known, experts believe that boomers will still buy a product if they believe it will improve their health and longevity. Judging from items already in development, like cell phones with body monitors and computers with blood pressure cuffs, the technological market is more than ready to help them in their search for the garden of youth. Entering into retirement won’t necessarily mean the end of the working days for the baby boomer generation. 75% of the boomers actually intend to keep working while in retirement and many of them plan to begin a whole new career. Some companies are launching counseling and education programs specially-designed for the baby boomers so they can begin their new chapter in the workforce as seamlessly as possible. Another important decision for the boomers is their living conditions. Some professionals believe that communal living may rise in popularity due to the fact that it is affordable, supportive, and social. Additional features like medical care and transportation can be included and are also great selling points for those who need a little extra help getting around. However, some boomers prefer more portable lodging accommodations. One boomer discovered that she could live on a cruise ship for around the same cost as living in an assisted-living facility and receive many of the same services like medical care and housekeeping. Clearly this option also has the extra benefit of being able to be on a vacation and touring the world as you grow old. Yet for some boomers, the main attraction is that they will get to age with passengers of all ages, not just the older generation. Also believed to be a market that will be drastically affected by the baby boomers is the car industry. Not only because many improvements such as vision enhancements and heated seats are being made to cars with the baby boomers in mind or that 7 of the 13 cars the average American buys over a lifetime is after the head of the household turns 50, but because now experts are predicting a trend in car clubs. A car club is where people can pool their financial resources to purchase a car and share it with a younger driver who would serve as a chauffeur for everyone in the club. Besides spending money on cars, researchers are predicting that many boomers will want to spend their time traveling to exotic places or educating themselves further in various topics of interest. One of the newer trends developing among the baby boomers is the way in which they’ll leave their legacy when they pass on. Some businesses are offering services where an individual can bring in personal memorabilia to use in order to make a Biography Channel-like documentary about themselves. Other boomers want more of a celebration when they die through events like memorial services or parties instead of the full-fledged funerals. Some may also create special souvenirs like their secret cookbooks to give away at the funeral. With so many new products and services developing, living better is about to get even easier for this self-indulgent generation as they celebrate their 60th birthday. From living on cruise ships to spending three months at an archaeological dig, it seems that as the baby boomers enter into their golden years, their life is really just beginning. (Source: The Wall Street Journal, 09/26/05) |
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