In 2011 the first wave of the Baby Boomer population turned 65 and began its further impact on society in ways that have never before been experienced. The power of this generation is in its numbers. The effects it has had, and will continue to have, not only in America but around the world, are astronomical.
By some accounts, Baby Boomers, those born between the years of 1946 to 1964 are 78 million strong. Apparently, the phrase was coined after World War II ended in 1945. It is believed by many historians that in 1946 people were so happy that the war was ended that over 3 million babies were born that year, which was 20% more births than in 1945.
Between 1946 and 1964, when the boom began to taper off, it is estimated that over 78 million babies were born in the United States alone. This is the first generation where members married later, began having children later and spent generously on themselves. Women of this demographic were the first to eventually be accepted into the corporate world of men. Although in the beginning they encountered the proverbial ‘Glass Ceiling'; they managed to excel above it. Gone were the role models of ‘Ozzie and Harriet’, ‘Leave it to Beaver’ and ‘I Love Lucy’!
This demographic is passionate and accustomed to addressing challenges head-on. For example, Boomers were the first generation in history to stimulate a social upheaval with their rise against oppression in the 1960s. They were an essential element in the Civil Rights movement and instrumental in ending the Vietnam War.
Some reports suggest that Boomers think of themselves as the ‘Ageless Generation’ and will reinvent themselves in order to continue to matter. Future trends for Baby Boomers propose that this generation will remain active even during their retirement years. Members of the Baby Boomer Generation recognize and acknowledge the need to be more independent and develop ways to capitalize on their talents, abilities, and creativity. Otherwise they run the risk of entering retirement and becoming bored because there is too much time with very little or no purpose.
Data from the Bureau of Labor Statistics reflects that older Americans have fueled a wave of entrepreneurship because of a frustrating job market and the falling cost of starting a business. According to the Census Bureau, by 2030 those 65 and older are projected to account for almost 20% of the total population. Surveys project that 14% of boomers intend to work primarily from home after retirement. Can you imagine the impact this demographic will have on the economy
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