3 Positive Economic Impacts of Baby Boomers in the U.S.
By Colleen Van Horn RN, B.S.N., PHN, CCM
Baby boomers make up a substantial portion of the U.S. population – nearly 80 million Americans, to be exact.
Although some experts say that baby boomers may actually cause a decline in the U.S. economy due to reliance on government services and less spending, others have said that aging Americans may be a huge benefit to our economy. If you’re a baby boomer, here are 3 of the most influential ways you’ll impact the American markets in the coming years.
1. Health Care
The aging process can introduce the need for increased healthcare ranging from prescription drugs to hip replacements or even organ transplants. “By the time they’re done, some 78 million baby boomers will have survived millions of hip replacements and heart transplants, swallowed trillions of Advil [and other prescription drugs],” said says Tom Sightings in US News. That’s going to mean a significant increase in healthcare jobs and money spent to maintain health, each leading to an influx of stimulation for the U.S. economy.
Experts say that savvy baby boomers will spend much of their time traveling in their sunset years, partly due to the extra time on their hands. Since the economy has picked up in recent years, the travel industry has also seen a rise in spending, with seniors making a up a large portion of travelers. Some of the more popular choices for seniors are cruises and professional tours with senior special discounts.
3. Assisted Living
Many aging Americans will eventually need some specialized care. Usually, the best solutions to the rising need of elderly care are assisted living facilities, retirement homes, and in some cases , convalescent hospitals depending on the level of care needed. As baby boomers continue to make up a large portion of our population, and as they continue to age, the need for assisted living facilities will increase, leading the way to more jobs in this niche subset of the health care industry.
The RN Geriatric Care Managers at Innovative Healthcare Consultants can help guide you in any of the health decisions you, as a baby boomer, may be facing or help you deal with the loved ones in your life facing difficult health decisions. For families looking to place their loved ones in specialized care, you can find more information on your options by logging onto http://www.innovativehc.com/.
- Cost of elder care and burden on caregivers set to skyrocket as baby boomers age
- Baby boomers brace for eldercare challenges
- Health care for baby boomers poses challenge for families, raises demand for caregivers
- Boomers search for senior care options as caregiving becomes “the new normal”
- In response to changing economy, more families seek home care services for seniors
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