Fifteen years ago, a Health Services Research report described the challenges ahead for the United States as the Baby Boom generation aged into retirement. Four issues were paramount: 1) improving payment and insurance systems for long-term care, 2) ensuring people remain healthy and active as they age, 3) organizing community services so care is readily available, and 4) changing cultural perceptions of aging so everyone remains “integrated into the fabric of community life.”1
Have these challenges been met? Let’s take a look at each issue:
- Long-term Care Needs
Here’s the bad news: Government estimates suggest 62 percent of older Americans will need long-term care (LTC) during their lifetimes, yet just 7 percent of Americans age 50 or older have stand-alone LTC policies. In fact, sales of these policies have fallen by 60 percent, according to LIMRA.2
Here’s the good news: Sales of combination products, such as life insurance policies or annuities that also have long-term care provisions, have increased.2
- Health and Wellness
Here’s the bad news: Older Americans have many more physically unhealthy days than younger Americans do, according to the Centers for Disease Control.3
Here’s the good news: Boomers are more focused on health and wellness than prior generations. In a Forbes article, the authors of Health + Wellness 2017 wrote, “There has been, perhaps, no more pervasive lifestyle shift in the American contemporary scene than the desire among Baby Boomers to lead active, healthy lives…it is the initiative taken by aging Boomers to create a new way of living based on the pursuit of not just wellbeing but being well that has driven permanent changes in America food culture and healthy living.”4
- Caregiving
Here’s the bad news: The need for caregiving is expected to increase rapidly during the next few decades.5
Here’s the good news: The resources available through private and public organizations “can help solve long-term care issues and ease the strain on the caregiver,” according to AARP. Home and community-based services often include companionship, transportation, housekeeping, and meal programs.5
- Perceptions of Aging
Here’s the bad news: Cultural views of aging are slow to change.6
Here’s the good news: We continue to evolve as we age, and our lives often become more fulfilling, according to the longest longitudinal study of human development in history. “Surrounding oneself with positive people is boomers’ best strategy to be joyful in their third act, with love and support from others a far more effective anti-aging technique than any pill or treatment,” reports Psychology Today.7
While some issues related to the health and wellbeing of the Baby Boom generation have yet to be resolved, many boomers will probably enjoy rich and satisfying lives for years to come.
“Age is no barrier. It's a limitation you put on your mind.”
--Jackie Joyner-Kersee, Olympic heptathlon and long jump champion8
Sources:
1 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1464018/
2 http://www.limra.com/Posts/PR/Industry_Trends_Blog/Combination_Products_Giving_Life_Back_to_Long-term_Care_Market.aspx
3 https://www.cdc.gov/aging/agingdata/data-portal/callstoaction.html
4 https://www.forbes.com/sites/thehartmangroup/2017/10/31/older-consumers-redefining-health-and-wellness-as-they-age/#60d6cd8715fd
5 https://www.aarp.org/caregiving/local/info-2017/community-services.html
6 https://www.ncbi.nlm.nih.gov/pubmed/25326508
7 https://www.psychologytoday.com/blog/boomers-30/201711/the-four-common-traits-happy-baby-boomers
8 https://www.entrepreneur.com/slideshow/244486#11
The above material was prepared by Carson Group Coaching. Carson Group Coaching is not affiliated with the named broker/dealer.

LifeStyle Newsletter - Are We Ready for the Baby Boom Retirement?
January 03, 2018