Baby Boomers and Retirement

Guest Author Todd Schwendiman

According to several sources including U.S. News Money, there are 75 million baby boomers on the verge of retirement.  The most amazing statistic is that for about the next 20 years an average of 10,000 people, each and every day, will reach the age of 65. That statistic is just amazing.  Can you believe it?

Between 2000 and 2010, the number of people in the U.S., age 65 to 84, grew by 3.3 million. While 13 percent of Americans are currently age 65 or older, that proportion will jump to 18 percent by 2030. The current 40 million senior citizens will balloon to 89 million by 2050.  All of this will have dramatic and drastic causes to our financial and economic system.

These numbers and their impact are a bit frightening. Baby boomers entering retirement age will dramatically change today’s business and lifestyle landscape, especially with entitlement benefits, health care and a lot of other financial related areas.  In addition to this, there is a significant shift happening in retirement planning because of new technology.  Despite being the most affluent generation of Americans, baby boomers are most at risk of missing the boat on this technological change.  All of these factors put baby boomers at risk of making many mistakes.

F. Todd Schwendiman is the founder and principal owner of Heritage Solutions Group, which was founded in 2000 to help residents along the Wasatch Front find peace of mind when planning their retirement. Dallin Schwendiman joined the firm in 2014 and is the General Agent for Medicare Solutions. Their mission is to help individuals & families resolve concerns in retirement.

Related Articles