Tuesday, October 29, 2013

What About The Boomers?

Did you know that the Congressional Budget Office estimates that 78 million baby boomers are expected to retire?[1] Have you actually thought about what this means to you and your family? I think the answer is very different depending upon where you are in terms of age and wealth. I imagine that senior living facilities will become about as prevalent as Starbucks and McDonalds. Who is going to work at all of these centers? It will be a job boom for the younger adults but will they want to do the work? Will the sale of adult diapers outpace the sale of baby diapers? Will the line of electric carts at Walmart soon grow into an entire department requiring as much space as the pharmacy section? How will that impact Walmart’s prices as Walmart figures out how to pay for the equipment, staff and electricity? Will the line at the drug store window rival what we say at Starbucks when they first caught on in a big way? Will it be harder to get into the doctor than it was to get our kids into the pediatrician back in the day? I know money doesn’t buy happiness but I would rather be well prepared for the changing senior landscape than caught unprepared. How about you?

[1] “Will the Demand for assets Fall When the Baby Boomers Retire?,” Congressional Budget Office, September 2009. Data shown is most recent.