This January the first Baby Boomers are turning 65 and approaching senior status. With the Boomers’ aging comes a vast shift in the U.S. population.
Experts predict the increase of retirees will cause a great deal of economic and social challenges. While families will be presented with major challenges and the senior-care industry can expect big business.
“The demand for trained caregivers to shoulder some of the burden of caring for aging loved ones is already the highest it has ever been,” said Peter Ross, founder and CEO of Senior Helpers, an in-home senior care provider.
“Lots of families simply don’t have the time, ability or training to provide the kind of care elderly individuals often require on their own,” said Ross. “We’re adding caregivers across the country every day. And over the next several years as the Boomers continue to age, we’re going to see unprecedented growth across the industry to help families handle this overwhelming responsibility.”
From this month forward, 10,000 Boomers per day will officially become seniors. Our nation’s population will see one new senior every 13 seconds. This trend should persist over the next 18 years.
Whereas seniors account for 12% of today’s population, that number is expected to rise to 20% by 2030.
The group fondly known as “Baby Boomers” refers to the 76 million children born in the U.S. between 1946 and 1964.
This generation is experiencing a longer life expectancy than previous generations.
According to the Centers for Disease Control and Prevention (CDC), the rise in life expectancy seen throughout the 20th Century is due to a number of medical and public health achievements, including more prevalent vaccinations against diseases, improved work place safety and the declining mortality rate from traditionally life-threatening diseases.
“The longer seniors live, the more likely it is that they will need some help to stay independent,” said Ross. “When this happens, it’s often difficult for families to deal with on their own, which is why senior-care businesses will continue to grow as a vital resource for families who just can’t do it all themselves.”
