By 2050, it’s estimated that close to 100 million Americans will be over the age of 65 – this is close to double the amount of older folk that are currently around. This will have severe implications on almost everything – from the amount of food that’s available to find skilled labor to allocating sufficient funds to provide a realistic level of healthcare for an aging population.
A Social Shift has Taken Place
Doctors who were practicing in the 19th Century recommended that as individuals got older, it was necessary for them to slow down so that they could conserve their energy. However, several people started to live a lot longer after 1900, resulting in an increase in senior citizens overall.
Over time, this caused business, industry, and government agencies to look for ways to justify removing older individuals from the workforce so that younger employees could be accommodated. Even though individuals are now healthier and living to older ages than ever, society, in general, appears to be doing everything possible to write off up to a quarter of the lifespan of anyone who is over the age of 65.
A Prospective Goldmine for Marketers
A number of lawmakers and have voiced concern with regards to the fact that having higher numbers of senior citizens obtaining public benefits would negatively affect the economy. However, new research has suggested that the number of people that are now living to older ages than ever could actually present the economy with a potential marketing goldmine – in fact, goods and services that have been specifically tailored for the senior market are now worth more than $9 trillion a year.
Planning Accordingly is Crucial
While several older people do have a definite plan in place with regards to how they would like to spend their golden years, it’s essential to remember that you will need a reasonable amount of money to live on – regardless of what those plans may involve. Continually rising inflation and the overall cost of living means that you will not be able to rely entirely on Social Security benefits upon retirement.
If you’re fortunate enough to still be in your 20s, 30s or 40s, you may think there’s still ‘more than enough time’ to start saving, investing or setting funds aside that will help you survive during retirement. While time may still be on your side, starting to save money as soon as possible will allow you to set aside a smaller amount each month because of compounding interest.
Our experienced and accredited financial planners can provide you with a lot of information about saving and investing in such a way that you’ll be able to enjoy your retirement and not have to worry about finances along the way. If you’d like to establish a savings plan that will cater for your needs during retirement, contact us to set up an appointment with one of our financial planners today. We look forward to helping you secure your financial future.Continue reading