Recently I heard on the news that over 10,000 baby boomers are turning 65 each day. The amazing part is that this will continue for the next 19 years! Ten thousand baby boomers reaching 65 each day spells opportunity to me.
Here’s what I mean. A huge shift in the age of America will affect everyone in ways they may not have realized before. As I thought about the changes, I figured there would be at least four big opportunities that come because of the shift in age.
Jobs are Coming Available
As the baby boomers retire from work, their employers are now free to hire replacements or create new jobs that are more tailored to the younger workers. This is good news for those who are between 20-40 years old.
Not only will jobs open up, they will also be created to meet the increased demand in specific sectors. Areas like health care, financial management, travel and entertainment, and technology are poised to soar because of the extra attention from the baby boomers.
Homes are Going on Sale
I particularly hope this is true. It makes sense that the housing market might see a spur in larger homes coming available as retirees downsize for their retirement years. Hopefully this means a great family home for cheap in the coming years.
Workforce is Changing
Just because people are turning 65 doesn’t mean they’re retiring. The workforce landscape is changing and the older generation is mixing forces with the younger workers. Why would someone retire when they can go back to school and start a second career in a field they’ve always wanted to explore?
Increased Retirement Savings
I hope this is true. If you’re a baby boomer who hasn’t saved enough for retirement, don’t give up! If you’re at the bottom of the group, you have 19 years before you hit 65. Nineteen years is a long time to build a savings. Even if you only have 15 years, you can max out IRAs for you and your spouse and still have almost $300,000 (assuming a 6% return). If you’re in a position to max out both IRAs and a 401(k), your retirement account can still inch to a million with enough time.
I’m hopeful for the coming years and the opportunities that are available for the baby boomers as well as the next generation.
Can you think of any other opportunities that may come available? Any thoughts about those mentioned above?