Marketing to Seniors

Boomer Bulge
Baby boomers nearing the ranks of the (gasp!) elderly
©Democrat and Chronicle, September 17, 2004
Michael C. Walker, GUEST ESSAYIST

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Of all the testy and mandatory age-sensitive adjustments the baby boomer generation will face, possibly the most emotionally charged is that at age 60 they will become sexagenarians.

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Baby boomers will redefine the word "old." Terms such as "senior" and "retirement" will all but disappear. Modern Maturity magazine will become "AARP the Magazine," and the term "senior citizen" will be banished. Baby boomers will be radically different from their parents. And so it goes.

Not so fast. While changes in American society will contribute to altering lifestyles, the comparison between generations may not be as pronounced as some people think. Boomers, typically pegged by demographers as those born between 1946 and 1964, will alter the mature-adult market in size, but other changes remain subject to speculation.

According to a March 2004 report from the Congressional Budget Office, the savings behavior of the boomer generation is similar to that of their parents' generation, and they have similar wealth-to-income ratios. However, these comparisons may be somewhat less favorable for boomers when inflation and debt load factors are included.

Moreover, boomers will encounter forces firmly entrenched in government and society. The Age Discrimination Act of 1967, and amended in 1990 as the Older Workers Benefit Protection Act, continues to protect employees age 40 and older from age and benefit discrimination. Thus, boomers will be retiring already classified as "older workers."

At age 60, boomers will be covered by the Older Americans Act, enacted in 1965 and amended in 2000. It provides federal support to states for social and other services to those age 60 and older who qualify, based on health, income and social criteria. Further, those 60 and older come under the purview of the Administration on Aging, an agency of the U.S. Department of Health and Human Services.

Under current guidelines, decisions on Social Security come into play upon reaching age 62. Should a boomer choose to begin taking a lesser monthly allotment or delay final decision to a later age for a higher monthly check? Personal finances, quality of health, as well as other individual considerations, and any changes or restrictions enacted by Congress, will influence these choices.

In their early 60s, boomers will be presented with options for senior discounts to movies, parks and recreation, memberships, and a variety of other choices. For example, at age 62 one qualifies for a Golden Age Passport, providing free lifetime access to all national parks and forests, and countless wildlife sanctuaries and other similar areas, all for a one-time fee of $10. This will tempt even the most stubborn "anti-senior" boomer to become at least a temporary or selective senior in order to take advantage of these offers.

At age 65, according to current guidelines, the boomer will face important decisions on Medicare, Medigap and private health care options, further plunging the boomer into a more senior role in society. Also at age 65, federal income tax deductions become available to personal income-tax payers. It is unlikely that many boomers will choose not to take advantage of this age-sensitive deduction.

Between ages 60 and 65, a host of local community social, health and wellness and personal services begin to surface for those reaching the minimum age for qualification. Boomers may decide to pick and choose from such menus, but when they do they will be joining others their senior, and they likely will be viewed as the group is seen in the public eye. So, while optional, these programs may come with a cost in attitude adjustment.

Lifestyle decisions may surface as boomers seek to downsize their larger empty-nest homes. Some choices will include attractive minimum-age housing developments with an age qualification starting at age 55, for example. While 55 is a pre-boomer age, these developments will include residents from the minimum age to older than 90. This may make such living choices for some boomers a psychologically difficult one.

Of all the testy and mandatory age-sensitive adjustments the baby boomer generation will face, possibly the most emotionally charged is that at age 60 they will become sexagenarians, meaning they then will be inexorably linked with others in the seventh decade of life. Many of their fellow sexagenarians will be those who have long accepted a senior-specific moniker, in most cases one preferable to older Americans, "elderly," "aged" or even "senior citizen."

Call themselves what they will, boomers will be senior to younger adults, and they likely will see themselves as seniors, at least some of the time.

The writer is retired as CEO of Seniorsfirst, a partnership between Valley Manor Apartments and Kirkhaven nursing home. He is a consultant. Some material in this essay is based on the second edition of his book Marketing to Seniors. He lives in Spencerport.

http://www.democratandchronicle.com/

NOTE: Portions of this article have been taken from MARKETING TO SENIORS,
Second Edition, (c) Michael C. Walker, 2004

Marketing to Seniors, 2^nd Edition by Michael C.Walker, © 2004, published by 1^st Books Library / Authorhouse ( http://www.authorhouse.com/ ), 800-839-8640

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