When people hear the term baby boomer, some people automatically think of seniors, or the health care issue. Which are both true seeing as the first set of the baby boomers turned 65 in 2011. But there are more facts about this generation. More babies were born in 1946 than any prior year. This trend lasted for approximately 20 years. This all took place right after World War II ended.
In Canada, there was a significant number of babies born between 1946 and 1965, approximately 8.2 million baby boomers (Stats Can, 2011). The baby boomers are well known because they opened up a lot of opportunities over the years. For example, they increase the demand for disposable diapers. The disposable diaper was more in need than ever before because there was increase in the amount of working women as well as the boom in babies being born. Many companies started to tap into this industry such as Proctor & Gamble and Johnson & Johnson. Before the boom, this industry was failing due to lack of innovation and the popularity of the cloth diapers. The boomers created a strong market and demand for the disposable diaper industry.
The baby boomers created a lot of trends over the years, more than any other generation so far. Their generation fought for many things. Gender equality was taking a new direction. Towards the end of 1965 Women were have children later due to them entering the work force and with birth control this was become more and more common as time went on.
Facts about baby boomers
- About 30% of Canadian will postpone their retirement till later.
Noticing the gap in your retirement ahead of time will help those become proactive in their current saving matrix. Allocating savings for retirement should be a bill in everyone’s on going life and not to only rely on Canada Pension Plan (CPP) and Old Age Security (OAS) as a source of income and have it as a bonus because the income from government sources will leave most under the poverty line.
- Living beyond means
When coming to retirement, we should look at bootstrapping expenses to a new level. As most individual’s income will be less when they retire and as a result they will need to shift life still. This can mean downsizing from house to condo or simply cutting down bills. Sometimes it’s as easy as making changes to your status as a senior citizen and you will receive discount and or rewards.
List of Senior Discounts
- Bank accounts – Low or no fees
- Food – many fast food place give seniors a 10-20% discount depending on the establishment
- Department stores – Winners, Bulk Barn, and much more provide discounts
- Transit – senior pricing
Embracing your age and wisdom and ultimately lead to many discounts. If you want more details or have questions and comment, please email us or leave a comment. Make it a loving month and enjoy the holidays.