Boom, Boom, Boom

Image courtesy of secure.nexgenfinancial.ca By Christoher Zoukis

Baby boomers are people who were born between 1946 and 1964, according to most experts. The sheer size of this group of people is mind-boggling. There are approximately 75.8 million baby boomers. Put another way, they make up one-third of the population in the United States.

Generally speaking, baby boomers range in age from 45 to 65. Many of them are what demographers call “empty nesters,” which means the children have left home. This means that a tremendous amount of income that was formerly spent on “the kids” has now become discretionary income. According to Ken Dychtwald, CEO of Age Wave LLC, baby boomers take home $2 trillion per year and, as a group, embody 50% of all discretionary spending. They control 70% of all the wealth in the United States. They own 77% of all financial assets. They own and use 50% of credit cards in the United States. Fully 80% of the money deposited in savings accounts belongs to the baby boomers. And 50% of all luxury cars sold are purchased by baby boomers.

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