Baby Boomers have changed the face of the U.S. population for more than 70 years and will continue to do so as more enter their “golden” years. This population currently estimated at about 73 million, and by 2030, all Baby Boomers will be over age 65. This population of Baby Boomers is a key market for many insurance agents who sell life and health insurance.
Consider some of the following statistics:
- Four in five older adults will battle at least one chronic condition or illness such as heart disorders, arthritis, or osteoporosis. 50% will battle at least two. (Source: CDC)
- An estimated 1 in 10 senior citizens are victims of elder abuse, the intentional acts by a caregiver that lead to physical, psychological, or emotional harm. (Source: Assisted Living Federation of America)
- A U.S. couple retiring in 2017 at age 65, needed $280,000 of savings to cover future medical costs. The $280,000 includes premiums for Part B doctor coverage and Part D drug coverage. It does not include long-term care or assisted living. (Source: Employee Benefit Research Institute)
- Research is showing that 10,000 baby boomers are reaching retirement age every day. (Source: AARP)
- The median 401(k) balance of someone in the 55-64 age group is $177,805. Using the commonly used “4% rule” of retirement, this translates to a sustainable income of only $7,112 per year in retirement. (Source: Vanguard)
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