Retiring Baby Boomers: Fewer Than Expected
At 78 million strong, baby boomers have always been a targeted demographic. Dubbed by the Social Security Administration as a “silver tsunami,” the baby boomers are an attractive opportunity for the financial services industry.
The financial services industry launched advertising campaigns geared towards boomers early. Many such firms have counted on the baby boomers to fuel growth in new products, from target-date mutual funds to investment funds that buy retirement businesses to expanded offerings form leisure industries. The experts, however, were wrong. For at least the next 25 years, as reported in the May 22, 2008 issue of Business Week, the retirement market will be much smaller than the often-cited 78 million. In fact, the growth rate will be less than four percent annually or may even be zero.
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