Baby Boomers

Baby Boomers is a term used to describe the generation born post WWII from 1946 through 1964. According to the U.S. census, as of July 1, 2005 the …

Baby Boomers is a term used to describe the generation born post WWII from 1946 through 1964.

According to the U.S. census, as of July 1, 2005 the estimated number of baby boomers in the United States was 78.2 million.

7,918 people turned 60 each day in 2003 according to projections.

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Average annual expenditures on health care in 2004 for people ages 45 to 54 was $ 6,695 – the age group that is the heart of the baby boom generation. 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, spent $3,899.

57.8 million is the number of baby bommers living in 2030, according to projections; 54.9 percent woud be female. That year, boomers would be between ages 66 and 84.

2.1 is the number of workers for each Social Security beneficiary in 2031, when all baby boomers will be over age 65. Currently, there are 3.3 workers for each Social Security beneficiary.

In 2003 the number of continuing care retirement facilities was 4,041. Many boomers could have parents in need of such facilities or may have to move into such a facility themselves in the future. As baby boomers age there will be an unprecedented market for prescription drugs, medical supplies, and medical care.

Sources:

http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/006105.html
http://www.census.gov/popest/national/
http://www.census.gov/ipc/www/usinterimproj/
http://www.bls.gov/cex/2004/Standard/age.pdf
http://www.census.gov/ipc/www/usinterimproj/
Social Security Administration
http://www.census.gov/prod/www/abs/cbptotal.html

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