Career Wave: Look towards Baby Boomers

It’s no secret that baby boomers are one of the most powerful consumer groups in the marketplace. As the last of the baby boomers turned 50 in 2014, there is an estimated surplus of more than 100 million adults in the US over age 50. Knowing this information is key to advancing your career options or making money to gain an interest in the market share.

If you’re looking to start a new career or boost your current career, there are a few trends attributed to baby boomers that could help you achieve success. Here’s my prediction for 3 full-proof careers guaranteed to see great results and low unemployment rates:

1. Healthcare

2. Mortuary Services

3. Real Estate

Healthcare

Whether it’s hip replacements, knee replacements, retirement home stays, home healthcare, and hospice services; a significant increase in healthcare needs is expected in the next 10-30 years as baby boomers age. Fields such as nursing, home healthcare therapists, hospice nurses, and doctors will benefit from an overabundance of patients and work.

Mortuary Services

Need I say more?

Real Estate

As baby boomers retire, they will look for smaller more manageable places to live or warmer climates like Florida. They won’t want the hassle of large yard upkeep and home maintenance. They will either sell and find a smaller location or warmer location; or they will look to their paid mortgages to generate some income, such as a reverse mortgage. A reverse mortgage is a way for homeowners over the age of 62 to convert their home equity into cash by borrowing against the equity in the house. There are no monthly payments on the loan and payment is deferred until the owners die, sell, or move.

If they sell and move to warmer climates, or move to nursing homes, we will still see an influx in the availability of homes on the market. So plenty of homes you’ve had your eye on in that great neighborhood that you have to be born in, may become available in the next 10-15 years.

For more facts on how baby boomers drive the market, see: https://www.immersionactive.com/resources/size-wealth-spending-50-consumers/