2010 Census Figures Revealed Baby Boomers are a force once again:
On 12/21/10 The Census Bureau released to the nation the results of the 2010 census. Some states lost population and some gained with representation in the House of Representatives hanging in the balance. Weather may have impacted the changes with northeastern states losing ground while the Sunbelt gained. Speculation has been floated that since baby boomers have begun to turn 65 that more of them in the winter-impacted states are selling out and moving south. Some facts and more speculation follows:
U. S. population growth continues at too rapid a pace. We were 150 million strong in 1950, have doubled to 308 million in 2010 and are projected to grow to 392 million by 2050 including immigration.
The average age of all Americans is growing older. In 1980 the average was 30 years of age, in 2010 it’s 35 and it’s projected to be nearly 40 by 2050.
The ratio of people over 65 as compared to those of traditional working age is growing. In 2010 there are 22 people over 65 in every 100 people. That figure is projected to grow to 35, 65 year olds per 100 in 2030 and 37 per 100 by 2050.
In spite of their numbers and their wealth marketers show less interest in Baby Boomers over 55 years of age or older. They are no longer receiving requests to fill out consumer preference surveys.
Baby Boomers can expect to live 2 to 3 decades or more in retirement and few are prepared. In 24 years living expenses will double at only a 3% inflation rate. This means that if you start retirement spending $6,000 a month that figure will grow to $12,000 per month if you live to 89 years old.
The 65-year-old numbers will grow as a percentage of the population from 13% in 2011 to 19% in 2029 as the Baby Boomers remain an influence in politics and the economy.
