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There are going to be a lot of numbers, facts, and figures, but stick with me. This is very important to understand. 📈 We have to start by looking at how the population and spending power have shifted and will continue to shift in the coming years. 🇸 The U.S. population is estimated at 333 million people. 👴👵 There are an estimated 60 million (plus or minus) baby boomers still alive today. 🎉 The youngest baby boomer will be 60 years old in 2024 and 65 by 2029. ⏳ The average life expectancy in the U.S. is 77 years old. 💵 The median income from 55–64 years old is $63,336 per year. 📉 At 65 years old, the median income declines by 14.5% to $54,184 per year. The decline continues each year after that. 👤 Single people on average see their spending decline by 1.7% each year. Let’s Go DEEPER.
💑 Married couples see their spending decline by 2.4% per year. 📊 2019–2023 cumulative inflation increased by 21.38%, compared to 2014–2018 where cumulative inflation was only 7.99%. 💰 As of 2022, the baby boomers had an estimated total wealth of $78.1 trillion, which is 50% of the total wealth of all Americans. 🔄 While baby boomers are still the wealthiest generation, the transfer of that wealth is in full swing. 📚 A study published in February 2024 found that the average baby boomer was subsidizing their 18–29-year-old kids and grandkids to the tune of $1,442 per month. 😟 Unfortunately for the boomers, it doesn’t get better. On average, boomers are subsidizing their 30+ year- old kids’ lifestyles by $2,100 per month. 🔄 As the baby boomers pass away, the majority of that $78.1 trillion in wealth is being transferred to the same Gen X and millennial kids and grandkids. 🔎 When you factor in inflation, health care costs, subsidies to family members, an increase in travel spending by baby boomers, and an overall natural
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