By the year 2035, Americans 65 and older are expected to outnumber those under 18 for the first time in our country’s history.[1] In a culture that tends to glorify youth and doesn’t know how to handle older American’s problems, this will mean some major changes. Whether it’s through celebrities who refuse to retire, retirees who experience wanderlust and make travel a priority, or those who prioritize retiring early to enjoy their time, this generation will influence culture and the future of retirement.
Baby Boomers Will Re-Define Retirement
Baby Boomers have been re-defining American culture since they were born, and they’re unlikely to stop when they reach retirement. We may see more unconventional retirement trends, such as transitioning to part-time before fully retiring, turning a hobby into a second career, or simply enjoying a more active retirement than our parents and grandparents did. Whatever your retirement looks like, it’s important to see it as the beginning of a new stage rather than the end of something.
Less Negativity Towards Aging, More Celebration
As America’s consumers age, advertisers and marketers will have to appeal to them. Baby Boomers have more than half (57%) of the nation’s wealth[2], yet advertisers and marketers often ignore them and focus on younger people instead. But, many of today’s near-retirees and retirees are interested in spending money on travel and other ways of enjoying themselves after working hard to accumulate wealth. If the media starts to focus on Americans 50 and over with positive messages, we could see less negativity towards aging and more celebrating it.
More Recycled Trends
Everything that is old is new: One can’t open a fashion magazine these days without coming across a “retro-inspired look.” This season, fashion trends from the 70s like bell bottoms, denim dresses, and leather skirts have come back. Some of the best TV series and movies now are “period pieces” from the 50s, 60s, and 70s; from Once Upon a Time in Hollywood to Mad Men. The past holds so much inspiration, and Americans 50 and over will be able to appreciate recycled trends the most.
America’s gaining population will, without a doubt, shape our future. And why shouldn’t it? There are many wise words about aging that highlight the value of many years of life experience and that there is more to look forward to. Retirement should be a time to enjoy and celebrate what you’ve accomplished. While figuring out the financials can be difficult, we’re here to help. Click HERE to sign up to talk to us at BML Wealth Management about your retirement fears and goals, and we can help you create a comprehensive retirement plan.
[1] https://www.census.gov/library/stories/2018/03/graying-america.html
[2] https://www.marketwatch.com/story/this-depressing-chart-shows-the-jaw-dropping-wealth-gap-between-millennials-and-boomers-2019
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