Baby Boomers
Essay Preview: Baby Boomers
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Outline
The Babyboomers in Sheer Numbers
Generation Explosion
The signicance of 1946
Amazing Multiples
The Pharmaceutical Industry and the Boomers
Viagra
Celebrex
The Younger Baby Boomer
Beating the Boomer Rush
Boomer Demands and Soaring Prices
77 Million to Retirement
Sport Utilities, Rock and Roll, Mutual Funds, and Everything Else
The Ins and Outs with Baby-Boomer Buying
Boomer Economics
Retail Stores and Party Stores are Having a Blast
Online Boomer Shopper
Cruiseline Boomers
Baby Boomers Retirement
77 million will retire by 2010
Strain on nations retirement system
Planning for retirement
After work
Long – term care
Long – Term Care
Medicare is not enough
Nursing home costs
Overwhelming costs
Long – term care insurance
Self Pay
Medicare
Long – Term Care Insurance
Not always what you pay for
When does it come in effect
Buyer beware
EXECUTIVE SUMMARY
Thesis Statement
What make the baby boomer generation a marketers dream and Medicares nightmare?
Purposes of the Report
The purpose of this report is to (1) discover the Baby Boomer and discuss briefly on how they came about. (2) What effects have Baby Boomers made in the economy, and (3) what does all this have to do with health care and retirement? Between 1945 and 1960 bears the largest generation in US history and the one that has had the greatest influence on US economy. Baby Boomers will continue to do so for another estimated 35 years. If generation X is smarter than the critics claim them to be then there might be some wealth to be made of the 77 million boomers who are on standby for the next flashy fad to arise on the market.
Baby Boomers: Marketing Gold
77 million Boomers to arise havoc and economic chaos as they march forth into retirement and do–well, pretty much what they did to Davy Crockett coonskin hats, rock & roll, college, Ford Mustangs, mutual funds, and everything else thats been in their road. When Boomer demands slam into the markets, prices often soar (until the fad fades away). Nothing stands in their way, and if you stay a little bit ahead of their game it can be an excellent place to be if you know where theyre going.
Baby Boomers: Health Care and Retirement
Todays elderly make up 13 percent of the total population, but by 2030 todays
aging baby boomers will comprise a whopping 20 percent of the population. 77 million
people will retire by the year 2010, placing a tremendous strain on the nations retirement
system. This predicament, of course, will also mean an increase in the need for long-term
care service. At the present time, Medicare covers only sixty percent of long-term care
costs. A recent AARP report indicated that todays Medicare recipients spend more than
1/3 of their yearly income for health expenses not covered by Medicare. Many baby
boomers who are financially secure now may find themselves in the same situation when
they reach retirement age.
BABY-BOOMER – MARKETING GOLD
INTRODUCTION
The Baby Boomer generation a marketing dream, but is it destined for a retirement nightmare? What spawned this generation? How has the pharmaceutical industry profited from its numbers? What consumer goods are affected by its buying habits? Who has benefited in the past and now in the present? Who will still be working after 2010? Financially, how is the boomer generation prepared for retirement? What is the risk of long term care insurance?
The year 1946 marked the beginning of the largest generation in history, which extended through 1964. American soldiers began returning home from World War II and the baby boomer generation was born. Over the span of 18 years, there were approximately 78 million births. In 1957, the baby boomer birth rate reached its peak at an average of 3.8 children versus only 1.9 children today (Swinyard & Rinne). The baby boomers make up one third of the total U.S. population. Can you say, “target market”?
The Younger Baby-Boomer and Economics
Sometime around 2010 and 2015, over 77 million baby-boomers will start to slam into retirement along with their Davy Crocket Coonskin hats, rock and roll, college, suburbia, mutual funds, sport utility vehicles, and everything else thats been in their way. When boomer demand slams into the market place, prices soar (until the fad passes). Nothing stops the baby-boomer. There is somewhat of a bright side to all the spending and boomer traffic. Being just a few steps ahead of the boomer can make an individual very well off if you know which way they are headed. Boomers have always acted