How Senior Citizens' Finances Are Changing in 2017
Education & Research As large portions of the population reach retirement age, there needs to be a variety of services available to help them manage finances.
With 10,000 people entering retirement each day, senior citizen demographics will witness an explosion of new needs surrounding insurance benefits and senior services.
Millions of our strong and powerful baby boomers are over the age of 70 and are required to take minimum distributions from their retirement accounts. There are 24 million people who are now 65 and over, with 33 million more to join this group in the next seven years.
With this large growth of seniors, we must be positioned to assist them on planning for income, retirement savings accounts and life insurance that will safely support them throughout their retirement years.
“We must be positioned to assist them on planning for income, retirement savings accounts and life insurance.”
As those already retired or close to retiring are constantly working within their budgets, financial consulting is a must for many senior Americans. The public and private sectors must be positioned to help support the millions that will be in need of assistance with covering full service Medicare options and social security benefits. Having services that provide seniors with an array of financial services in a supermarket-type environment will be the best way to serve this critical, growing group.
Millions of people now approaching a stage in their lives where proper planning is imperative are seeking professional help, and large scale senior citizen organizations will be vital in providing safe, quality and affordable services.
For the future, the U.S. population older than 49 years of age is 30 percent of the total, or 98 million citizens. The spending power of this select group is over $3 trillion annually. We as a society must focus on these citizens or lose a major factor critical to all of our futures.