The 65+ senior market statistics present significant new opportunities and challenges for marketers. Baby Boomer is the term used to describe the generation of Americans born between 1946 and 1964. The first baby boomer turned 65 in 2011. Ten thousand – 10,000! – people are turning 65 every day from 2011 through 2029. This translates into 3.65 million people annually who turn 65.
The number of Americans ages 65 and older is projected to more than double from 46 million in 2018 to over 98 million by 2060, and the 65-and-older age group’s share of the total population will rise to nearly 24 percent from 15 percent.
Medicare becomes the healthcare provider for Americans 65 and older, starting with eligibility on the first day of the month that a person turns 65.
Medicare per capita spending is projected to grow at an average annual rate of 4.6 percent over the next 10 years, due to growing Medicare enrollment, increased use of services and intensity of care, and rising health care prices.
Medicare spending was 15 percent of total federal spending in 2017 and is projected to rise to 18 percent by 2028.
Medicare accounts for 20% of national health spending as of 2016, 29% of spending on retail sales of prescription drugs, 25% of spending on hospital care and 23% of spending on physician services.
Where seniors choose to retire will have significant consequences for real estate agents, home builders, and other participants in the housing industry. “Retirement destination” is a designated county policy type recognized by the U.S. Department of Agriculture. It is defined as those counties where the number of residents aged 60 or older grew by 15% or more between 2000 and 2010 due to net migration. There are 442 total counties in the country with this designation (249 metro and 193 nonmetro).
Contact a National Baby Boomer Marketing Agency
Sixty Five Plus Marketing, Inc. is a baby boomer marketing management company that works nationally. We create integrated marketing communications program designed to help suppliers to the senior market strengthen their relationships with clients, prospects, family members, and referral sources. Contact Margaret Grisdela via email or at 561-330-7280 for more information.