As the first ‘Baby Boomers’ officially hit senior status, businesses and families feel the effect
(January 5, 2010) – Between 1946 and 1964, more than 76 million children were born in the United States who would become the most influential generation of our time: the Baby Boomers. The Boomers have blazed a social trail and left a lasting mark on the American economy and now, this January, the first of the Baby Boomers are turning 65 – officially hitting senior status.
As this happens, the United States is bracing for an extraordinary population shift. Experts predict this mass aging trend to significantly affect economic and social dynamics for decades to come, providing both major challenges for families and big opportunities for businesses in the senior care industry.
Starting This Month:
About 10,000 Boomers will turn 65 every day
The U.S population will add one new senior every 13 seconds
This phenomenon will continue, every second and every day, for the next 18 years
“The demand for trained caregivers to shoulder some of the burden of caring for aging loved ones is already the highest it has ever been,” said Peter Ross, founder and CEO of Senior Helpers, a leading national in-home senior care provider. “Lots of families simply don’t have the time, ability or training to provide the kind of care elderly individuals often require on their own. We’re adding caregivers across the country every day and over the next several years as the Boomers continue to age, we’re going to see unprecedented growth across the industry to help families handle this overwhelming responsibility.”
What Lies Ahead for the U.S.*:
There are currently about 37 million seniors in the U.S.
Seniors account for 12 percent of the population
As Boomers age over the next 2 decades, there will be more than 70 million seniors in the U.S.
Seniors will account for more than 20 percent of the population by 2030
At that point, 1 in 5 Americans will be a senior
*Source: U.S. Census Bureau
Growing Older, Living Longer
The Centers for Disease Control and Prevention (CDC) reports the continuing rise in life expectancy seen throughout the twentieth century is due to a number of great medical and public health achievements: more prevalent vaccinations against diseases, improved work place safety, improvements in highway safety and the declining mortality rate from traditionally life-threatening diseases.
“People today are simply living longer than previous generations, and the longer seniors live, the more likely it is that they will need some help to stay independent,” Ross said. “When this happens, it’s often difficult for families to deal with on their own, which is why senior care businesses will continue to grow as a vital resource for families who just can’t do it all themselves.”
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