Those reporting on the growing ranks of retirees in the U.S. population frequently use the oft-repeated fact that ‘10,000 Baby Boomers retire every day.’ It sounds like a lot of people. How accurate is this number?
If you multiply 10,000 Boomers times 365 days, you come up with nearly 4 million people—an impressive total. Are there really that many Boomers around?
The Boomer Years
The US Census says that 76 million people were born between 1946 and 1964, the years usually used to describe the Boomer generation. Those fecund years translate into a active period in which Boomers will turn 65 each year for 19 years.
Divide those 76 million Boomers by 19 and there you have it—a total of 4 million or just about 11,000 people each day.
When Baby Boomers Retire
Of course, some percentage of Boomers will pass away prior to their 65th birthday. But if you add in Boomer-year immigrants who also turn 65, then the total number of potential retirees pushes closer to 80 million.
Other factors such as early retirement at 62 and those who delay until 70 also figure into the final accounting. But if you spread that 80 million out over 20 years, you still result in about 4 million new retirees per year.
10,000 a Day until 2029
Thus, 10,000 people retiring each day is an accurate number that you can rely on. Indeed, when watching some cable television shows these days, it seems that most advertisements are about reverse mortgages, new drugs and retirement communities.
These products have become of great interest to Boomers. And the ads are the result of marketers recognizing that the Boomer generation is, and will continue to be, a potent demographic until at least 2029, the year the last Boomer turns 65.
