September 23rd, 2020
Report: Americans Near Retirement Age Have the Most Credit Card Debt
Credit card debt is never a good idea. When you’re young, though, it’s a lot easier to rebound from financial mistakes. As we get older, it can be harder to recover from financial hiccups. For example, let’s say you’re in your 40s or 50s and carry a massive credit card balance. Instead of saving for retirement, your disposable income will go toward paying down that debt and paying interest fees. By the time you hit your 60s, you might not have much to show for the money you earned. Unfortunately, the highest level of credit card debt belongs to consumers in their 50s, and these balances pose a significant threat to their retirement.
Too Many Baby Boomers Are Neglecting To Plan For Retirement
Around 30 percent of Baby Boomers who are nearing or just starting retirement haven’t done any financial planning in the past two years for this often financially challenging period of life, according to a survey by the National Association of Personal Financial Advisors (NAPFA).
Baby boomers delaying retirement because of COVID pandemic
The coronavirus pandemic has spared very few in its impact in 2020. One in four baby boomers say they are delaying retirement due to the uncertainty surrounding their investment portfolio. Entering their final stage of life without a solid financial plan is unnerving for those nearing retirement.
BABY BOOMERS MORE COMFORTABLE RETURNING TO OFFICE THAN MILLENNIALS AS COVID-19 LINGERS
In an astonishing revelation, baby boomers feel safer going back to their offices than millennials even as COVID-19 continues to spread, according to a new Clutch survey. Some 59% of employees over 55 would feel safe returning to their office, compared with 53% of workers both age 35-55 and under 35. The finding is thought-provoking as news reports have suggested that boomers are among the groups most likely to face problems from the coronavirus pandemic.
More Workers Turn to Freelancing Full-Time During the Pandemic
As the coronavirus pandemic caused widespread unemployment and layoffs this year, more people turned to full-time freelance work as a way to earn, according to a new survey. Even before unemployment soared this year, interest in freelance work was growing because of the flexible hours and work-from-home opportunities it provides. 1 in 4 boomers did at least some freelance work in 2020.
September 16th, 2020
Who is handling the pandemic best emotionally? Boomers and other retirees.
The emotional toll of the coronavirus pandemic is steep for most everyone, but it turns out that one group is handling it better than the rest: retirees. That might seem counterintuitive, since the virus is more dangerous for older people, but studies looking at mental health in the pandemic show that retirees who live at home are free from two of the stressors that are squeezing their younger counterparts — job security and parenting children as they navigate at-home learning and isolation.
Baby Boomer-owned small businesses can help resuscitate urban economies
Boomer-owned businesses drive local economies, representing at least 40 percent of a city’s economy. And in absolute numbers, they represent 50 percent of privately held businesses in the U.S. The 3.5 million Boomer-owned/operated businesses in the U.S. employ an estimated 72 million full-time workers and are valued between $13-15 trillion. That is a figure five times greater than the market value of Amazon, Apple and Google combined.
The Top 10 Reasons Baby Boomers Are in Debt
As baby boomers prepare for — or are already in — retirement, the issue of debt becomes increasingly important. Indeed, those born roughly between 1946 and 1964 are planning to work to older ages than the generations before them, and they’re less likely to have a backup plan if forced to take retirement earlier than expected, according to the Transamerica Institute’s recent report “Retirement Security Amid COVID-19.”
Fewer Boomers Driving Daily During Pandemic
The COVID-19 pandemic has put the brakes on daily road trips for many boomers, according to a new survey that found about half as many older Americans now are using their cars daily compared with before the coronavirus outbreak. Most don’t anticipate a quick return to their old road habits.
The Generation Gap: Giving Trends of Boomers, Millennials & Beyond
Millennials vs. Baby Boomers. The conflict seems to be part of every news headline these days. No doubt you see a difference in how each generation gives to your institution as well. It’s true that Millennials are more likely to give online, and Baby Boomers and seniors are more likely to give through direct mail. In many ways, technology has created a deeper dividing line between generations.
Insurtech And Health Tech Have A Growing Market: Silver Tech
When we think of Medicare-eligible seniors, tech-savvy isn’t the first term that comes to mind — but maybe it should be. Today’s seniors own smartphones, smart TVs and tablets; they use wearables and may have even cut the cable cord. This generation of seniors is not like our grandparents; they are mobile and more connected with their kids and grandkids.
September 9th, 2020
Retiring? A Gift Registry May Be in Your Future
Hankering for new golf clubs, margarita glasses or a shop vac? Establishing a gift registry at retirement is an option; for retirees, they have been around for more than 20 years, news accounts show. No longer are registries created exclusively for engaged couples, newlyweds and expectant parents.
Marijuana use is on the rise in older adults
Cannabis use in older adults might increase the risk of drug interactions when combined with certain medications, experts warn. Marijuana use is on the rise among baby boomers in the United States, especially men, according to a study published Monday in the Annals of Internal Medicine.
The health & wellbeing of baby boomers concerns employers more than that of any other generation
Employers are more concerned about the health and wellbeing of baby boomers than they are about any other generation in the workplace, across all areas of physical and mental health, according to new research.
Post COVID-19 Entertainment
Across the board, older adults contribute the highest percentage of their annual spending to entertainment activities compared to younger generations (SmartAsset). Inevitably, the outbreak of COVID-19 has altered the way all generations engage in entertainment activities, with the closure of theatres, cinemas, and venues.
Majority of workers expect their ‘retirement’ to include a job, survey shows
For many workers, a traditional retirement is not part of their plans. Among baby boomers still in the workforce, 59% expect to keep working into retirement, a new study from Voya Financial shows. For Generation X, that share is 60% and for millennials, 49%. Overall, 54% of all workers say their retirement years will include a job of some sort.
Post COVID-19 Shopping Habits
Adults 55+ are some of the biggest spenders across the board, largely due to their disposable income and increased leisure time, after all, over 70% of the United States’ personal net worth belongs to Baby Boomers.
September 2nd, 2020
10 Baby Boomer Marketing Strategies That Drive Leads
The type of products and services you offer should dictate which generations you market to. For example, if you sell extreme sports products, your target audience is going to be millennials. However, if you sell something related to retirement or an offering that would appeal to older adults, you’ll definitely want to include baby boomers in your marketing plan.
Boomers are slower to adopt new technologies, but they’re likely to stick with the ones they value
Boomers aren’t entirely nondigital—they were, after all, the pioneers of adopting home computers—but at this point in their lives, they’re a bit more reluctant about adopting newer technologies. That’s true even for tech with real-life utility, such as voice assistants and smart-home devices, which could help boomers age in place and deal with the physical challenges that accompany increasing age.
Older Activists Make Voices Heard in March on Washington
Despite pandemic restrictions requiring a two-week quarantine on visitors from 30 states, tens of thousands of civil rights advocates arrived in Washington, D.C., to participate in a Friday march that was meant to invoke the spirit of Martin Luther King Jr.’s “I Have a Dream” speech, delivered 57 years ago on the steps of the Lincoln Memorial.
Is It Harder for Seniors to Get Credit Cards?
Whether it’s to earn rewards toward vacations or just finance everyday purchases, there’s strong demand for credit cards among older adults. According to a report from credit bureau Experian, baby boomers (those born between 1946 and 1964) carried an average of 4.8 credit cards in the second quarter of 2019, more than any other generation in the report.
COVID-19 causes digital shift for boomers
The coronavirus pandemic has disrupted consumer purchase behavior across all generations, most notably among those roughly ages 55-74, known as the baby boomer generation. More time at home due to shelter-in-place restrictions has caused this demographic of consumers to utilize more digital offerings that mitigate boredom and offer convenience from home.
August 26th, 2020
Retirement Likely To Be Forced On More Boomers With Covid-19 Surge, Says Think Tank
More Boomers are likely to face involuntary retirement with the new surge in Covid-19 cases says a new report from The New School’s Retirement Equity Lab (ReLab). Nearly 2.9 million Boomers have left the workforce since March.
Boomers May Be Exception to Lower Dementia Rates
Among the groups that may be at higher risk for dementia in the future: boomers. It turns out that cognitive functioning improved from the Greatest Generation (those born between 1890 and 1923) to the “war babies” (those born between 1942 and 1947) but then declined significantly with boomers.
About 65 Percent Of All “Baby Boomers” Say They Plan To Work Past Age 65
According to the 2017 census, 47 million seniors live in the United States. By 2060, that number will nearly double. About 65 percent of all “baby boomers” say they plan to work past age 65.
COVID-19 will make the 60-plus generation more powerful than ever
Population aging is a powerful force. By 2030 the population above age 60 will have grown so much that other generations like millennials and Gen-Z will be outnumbered by them in Europe, China, Japan and the United States. Each day, 12,000 Americans celebrate their 60th birthday; in China, 54,000; and in the world, about 210,000, according to the United Nations Population Division.
House projects a high priority for Baby Boomers
Houzz & Home Australia surveyed more than 4,500 Australian home owners to compile the research, which revealed nearly half (48%) of home owners had undertaken a renovation project in 2019. Baby Boomers – those aged 55 to 74 – were responsible for almost half of all renovations reported at 45%, up from the 40% who had reported a renovation the year prior.
Boomers, More So than Their Younger Cohorts, Are Willing to Shop In-Store
More than eight in 10 baby boomers worldwide said they are still willing to shop for food and beverages in-store despite the pandemic, according to July 2020 data from Braze. In contrast, fewer Gen Xers and millennials feel the same way, with Gen Zers the least likely to head to physical stores.
August 19th, 2020
Nearly Half of Boomers Have Increased Digital Spending Since The Pandemic
Social distancing and stay-at-home measures have upended the shopping habits of US consumers across generations, including older cohorts. In May 2020 data from CouponFollow, nearly half of US boomer internet users said they increased their digital spending since the coronavirus pandemic.
Baby boomers deserve a lot of attention from businesses, too
Boomers, now aged between 56 and 74 (or 77, depending on which cutoff point we are using), make up of 71.6 million of the U.S.’ population, according to July 2019 data from the U.S. Census Bureau and the Pew Research Center. Boomers are now behind the millennials in total population, whose population has reached 72.1 million.
Top 5 Issues That Will Determine How 50-Plus Americans Vote
More than in any other election in recent history, voters this November will elect leaders whose decisions and actions will directly affect their lives. This is especially true, experts say, as Americans continue to cope with the coronavirus and the economic toll it has taken on the country.
Report: Baby Boomers Enter Pandemic With Debt
For baby boomers, the pandemic is presenting particular challenges. Not only are they at higher risk for health complications from COVID-19, they also are nearing retirement. A job loss or stock market dive may have long-term implications on their retirement years
How COVID-19 is impacting boomers’ shopping behavior
The pandemic has shifted boomers’ priorities. The coronavirus pandemic has forced consumers to adapt many aspects of their lives, from daily routines to how they safeguard themselves and their families. Even as many communities look to reopen, it is likely that the pandemic will continue to impact how consumers of all ages socialize and shop.
Amazon’s ‘Hold on to Your Seat’ Q2
eMarketer principal analysts Andrew Lipsman and Nicole Perrin and senior forecasting analyst at Insider Intelligence Cindy Liu discuss Amazon’s impressive Q2. They then talk about Walmart delaying its loyalty program, closing stores on Thanksgiving, its new ad measurement tool and what to make of some corporate job cuts.
August 12th, 2020
In COVID-19 Crisis, Older Americans Are More Resilient Than Younger Generations, Edward Jones and Age Wave Research Finds
Despite COVID-19’s severe and disproportionate impact on the health of aging adults, older Americans reported they are coping far better than younger ones, according to the Edward Jones and Age Wave study released today, “The Four Pillars of the New Retirement.”
Are Boomers Less Sharp Than Previous Generations?
Aging baby boomers may not be as mentally sharp as their parents were, a new study suggests — raising questions about what the pattern could mean for future dementia rates.
The Median Retirement Savings Balance Among Baby Boomers Is Shockingly Low
Baby boomers may be gearing up to leave the workforce in the near term, but they may not be financially prepared to do so. The median savings balance among baby boomers is a mere $144,000, according to a recent Transamerica survey, and while boomers have more money socked away for retirement than millennials and Gen Xers combined (based on median balances), they still have a fair amount of work to do.
Opinion: Boomers are doing retirement their own way
In the new book, “What Retirees Want: A Holistic View of Life’s Third Age,” authors Ken Dychtwald and Robert Morison swing for the fences with a sweeping review of the conception and perception of retirement and pinpoints what lies ahead. The premise: Boomers are redefining retirement.
The Pandemic Has Driven Boomers to Increase Their Digital Shopping
As the pandemic caused widespread shutdowns, consumers who traditionally preferred brick-and-mortar retail shifted at least some of their spending to digital channels. Some of these behaviors are likely to stick post-pandemic.
August 5th, 2020
What Seniors Can Expect as Their New Normal in a Post-Vaccine World
Imagine this scenario, perhaps a year or two in the future: An effective COVID-19 vaccine is routinely available and the world is moving forward. Life, however, will likely never be the same — particularly for people over 60.
Boomers And Seniors Are Shifting To Digital Shopping, Too
Consumers of all ages listed fear of infection, fear of contaminating someone else and fear of dying as their top three pandemic-related worries. Shoppers of all ages also said they believe that digital channels are critical to avoiding the virus, but older consumers tend to feel a bit more strongly about that.
Baby Boomers’ Consumer Habits Amid COVID-19 Pandemic Could Have Lasting Changes
As quarantine life continues, some shopping habits are really starting to stick. America loves to hate Millennials. But while the world seems to revolve around them, several businesses have their eyes on a different age group that includes many of those Millennials’ parents right now.
Baby Boomers Endure ‘A Lost Year,’ As They Await The Return Of Safe Air And Cruise Travel
The airline industry’s international trade group says it will be 2024 before global passenger returns to pre-coronavirus levels, but that doesn’t necessarily apply to U.S. baby boomers who want their vacations. Some are chomping at the bit, ready to go.
Retiring Retirement: The Rise Of Life’s Third Age
For thousands of years, medical, economic, social, and demographic forces have been shifting and often grinding against each other. From this interplay a new stage of life has been emerging and morphing. Worldwide, nearly a billion people are in or near retirement, and they enjoy many more options and opportunities for how to spend their newfound time affluence.
1 in 4 Baby Boomers Say They’ll Postpone Retirement Due to the Pandemic
Nearly a quarter of Baby Boomers plan to postpone their retirement due to the COVID-19 pandemic, according to a new survey, and about the same number say the crisis has changed when they plan to claim their Social Security benefits.
July 29th, 2020
48% of Older Americans Have Gone Without Essentials During Pandemic According to New Survey by The Senior Citizens League
A new survey seeking to learn the financial impact of the coronavirus on older Americans indicates that almost half of retirees say they have gone without essential items. According to the survey by The Senior Citizens League (TSCL), 48 percent of survey respondents report they have gone without food, prescription drugs, face masks, and disinfecting cleaning products during the coronavirus pandemic
DOJ says Elder Fraud Prevention program is helping protect seniors
“Older Americans have so much to offer our country, but they also face special risks. In recent years, fraud directed against older Americans — especially over the Internet — has grown distressingly common,” said Attorney General William P. Barr in his update on the program.
‘The Bachelor’ Senior Citizen Spinoff Still in the Works at ABC (EXCLUSIVE)
Earlier this year, before the coronavirus pandemic forced the entertainment industry and the world into quarantine, ABC teased a casting call, airing a promo that read, “Now casting seniors looking for love.” The prospect of “The Bachelor” for Baby Boomers gained a considerable amount of speculation online. But after that promo ran, no word has been spoken of the senior citizen spinoff.
The 10 Biggest Reasons Baby Boomers Are in Debt
Can you guess the No. 1 type of debt among older adults? Hint: It’s not mortgages. As baby boomers prepare for — or are already in — retirement, the issue of debt becomes increasingly important.
COMMENTARY: TV And The Baby Boomers
I am a baby boomer, born in 1961, at the tail end of the boom. And, according to Time magazine, we broke America. Statistically, baby boomers are one of the most politically polarized generations alive today.
COVID-19, Unemployment, and Ultra-Low Interest Rates Challenge Older Americans
COVID-19 has challenged the entire world, including retirees and those approaching retirement. People age 55 and over are more likely to fall ill from COVID and much more likely to die from it. They are also more likely to suffer financially.
July 22nd, 2020
72% Of Americans Now Plan to Work In Retirement–a New High, According To July SimplyWise Retirement Confidence Index
Americans are feeling income shocks and waning confidence in their finances, according to the SimplyWise study, which explored how Americans are looking at retirement, Social Security and savings in light of today’s crisis.
Results were even more dire for older and minority workers, threatening to drive further economic disparities in the U.S.
Millennials more likely to make ‘green’ decision than baby boomers
The average American makes 2,055 environmentally-conscious decisions per year — equating to about six per day, according to new research.
And results from a survey of 2,000 Americans found millennials were the most likely to report making “green” decisions — by an average of two more per day than baby boomers.
More Consumers Are Shopping Via Mobile amid the Pandemic
The pandemic has pushed many consumers to shift their shopping behaviors, with many now turning to their mobile phone for their shopping needs.
New Study from CBD Marketing Explores CBD-Cannabis Consumption in Millennials, Gen X and Baby Boomers
A new study from CBD Marketing features insights on CBD-cannabidiol and cannabis-marijuana use based on analyzing millions of online conversations and posts from Millennials, Gen X and Baby Boomers.
7 Quick And Easy Ways Baby Boomers Can Earn Supplemental Retirement Income
Sure, it’s a cliché, but it’s also a reality for many retirees. Helping out in a low-key part-time manner at a big box retailer has long been seen as a comfortable way to stay active and earn a few extra bucks in retirement.
Covid-19 changed all that. Those friendly greeter positions relied on a vibrant retail economy. Safe distancing and remote working have dramatically changed consumer habits.
Are Baby Boomers Financial Marketers’ Millennial Secret Weapon?
Baby Boomers know their banks and credit unions well. These older consumers could be your biggest boosters as younger generations increasingly look to family and friends for advice when choosing a new financial institution. Though Boomers and Millennials may be at different lifecycle points, good service spans the generations.