By Julie E 
(Credit: Getty Images)
By whom do they mean?
The massive cohort of individuals born between 1946 and 1964, referred to as Baby Boomers, continues to exert a substantial influence on the economy. Given that many Baby Boomers choose to work well past the traditional retirement age, it is anticipated that the average age of the American workforce will climb to be above 60.
This generation continues to be very involved. More than half of Baby Boomers regularly participate in physical activities such as jogging, cycling, and hiking, as reported by the Centers for Disease Control. In fact, the Physical Activity Council estimates that Boomers make up almost one-third of the clientele in the fitness industry.Impacts on the Workforce
In a recent Washington Post article titled “The Boomers Are Retiring—See Why That’s Bad News for Workers,” the effects of the Baby Boomer generation on the labor market are discussed. For a long time, this generation has dominated the labor force. Due to retirements, the workforce is aging faster than it has in the past.
Their retirement will have substantial effects. As the number of retirees climbs, it is anticipated that the worker-to-retiree ratio will reach record lows, potentially endangering current worker-funded programs like Social Security and Medicare.Effects on Health Care Services
Furthermore, baby boomers are having a significant impact on the American healthcare system. According to EncompassHealth.com, the number of aging Boomers enrolling in Medicare is currently rising at a higher rate than the overall population across the country. Projections from the U.S. Census Bureau indicate that by 2030, the number of elderly people in the country will surpass the number of children for the first time in history as Baby Boomers continue to age into the Medicare system.Why Are They Recognized?
Technophiles: While Baby Boomers are more receptive to new technologies, some of the more recent advancements, like artificial intelligence, have them concerned.
Growth of Streaming: Boomers’ use of streaming services is steadily rising as more senior citizens adopt modern media consumption practices.
Wealth Generation: The baby boomer generation is the wealthiest due to their high purchasing power.
Brand Loyalty: People tend to stick with brands they respect and believe provide superior customer service.
Baby Boomers’ shopping habits include some internet shopping, but they also look forward to a virtual in-store encounter.Aging in Place: A growing number of Baby Boomers are opting to age in place while receiving healthcare and other services, as opposed to moving into assisted living facilities.