Anyone born in the USA between 1946 and 1964 belongs to The Baby Boomer Generation.
In 2006, the oldest of the baby boomers began turning 60 years old. The next few years will mean big business for candle manufacturers since a projected 7,918 Americans reached that milestone every day in 2006 and more will follow every year!
With 330 boomers an hour entering their 6th decade, there will be plenty of birthday cakes being cut across the USA.
It may be true that 60 is the new 50. Just take a look at some of the Americans celebrating their 60th birthday in the new millennium.
Presidents George W. Bush and Bill Clinton both hit the big 60, but it isn't just famous politicians who are baby boomers. Other celebrities have reached this milestone include Cher, Muhammad Ali, Donald Trump, Sylvester Stallone and Dolly Parton ...all part of the baby boom generation.
Exactly how many baby boomers are there? According to the US Census Bureau, as of July, 2005 there were 78.2 million Americans in that age group. Imagine the impact of this generation...
When the first baby boomers were born in 1946 the estimated US population was 141 million Today it is about 298 million and growing larger every day. James & Mary were the most popular baby names for boys and girls, respectively. Today, the most popular baby names Jacob and Emily lead the list. James is still popular, but has dropped to 17th among boys and Mary is 63rd among girls.
What will the future hold? The first baby boomers were born in 1946, the same year that ENIAC, the first electronic computer, was unveiled. No one then could have imagined the digital world that the baby boomers would create.
What will the next decades bring? Looking into the crystal ball, experts predict that the baby boomers will be living longer. The US Census Bureau projects that 57.8 million baby boomers between ages 66 and 84 will be still be living active lives in 2030.Just a little over half will be women (54.9%) according to projections. In 2031, when all of the baby boomers will be over 65, there will be 2.1 people contributing to Social Security. Currently there are 3.3 workers for each Social Security beneficiary.
Small wonder the experts all stress that baby boomers should make sure that they don't depend of Social Security to meet their financial needs after they retire! While many have prepared for reduced benefits by saving for retirement, those that have not may find themselves in financial difficulty. Financial experts advise planning finances in retirement to stretch until age 90 or 95. Outliving retirement savings is a real concern for the health conscious boomers. Take into account that the average annual expenditures on health care for people ages 45 to 54 the age group that is the heart of the baby boom generation will be $2,695. When budgeting medical expenses, baby boomers should expect increased health-care spending as they age; for instance, those age 55 to 64 spent $3,262 and those 65 and over, $3,899.
Expect those numbers to keep climbing as new medications and expensive diagnostic tests add years to the baby boomers life. Cancer, heart disease and stroke are the major cause of death in this age group. With obesity on the rise and exercise waning, those figures may be even higher for the boomers. Several years ago, there were 4,041 continuing care retirement facilities with many more projected to open. Many boomers could have parents in need of such facilities now or may have to move into such a facility themselves in the future. The good news is that with more than 25,000 fitness and recreation centers nationwide, it looks like exercise is getting more popular. These are good places to visit on a regular basis for boomers who are trying to become or stay physically fit.
Baby boomers are making changes to live better as they get older.
The cosmetics industry is looking forward to the aging population. In 2003 there were 11,938 cosmetics, beauty supply and perfume stores. These stores carry numerous anti-aging skin care products aimed at people in this age group. The tourism industry is hopping with senior travel offerings as retirees take advantage of their free time to explore the world. If you are a James, Mary or other baby boomer turning 60...enjoy the new horizons and years of healthy living that have been opened to this generation and make sure to save for those rainy days ahead.