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Baby Boomers – THE Hot Demographic

Not long ago I met with a group of executives from a Fortune 500 company who wanted to learn what trends are affecting the small business market. One of the executives expressed surprise when I mentioned that Baby Boomers were THE hot demographic of 2007 (and beyond) for business owners.

The sheer numbers of Baby Boomers makes them a significant force — 78 million. And every study I’ve seen recently suggests Baby Boomers will be working longer, either at their own businesses or as an employee for some other company.

This Mercury News article [1] written by Constance Loizos, notes that California is seeing this trend play out. The article quotes a study by the California Budget Project (PDF), noting that 61% of California residents between 55 and 64 are still working. Here is a chart from the study, showing a sharp acceleration of the trend over the past decade:

Baby Boomers working longer

Why are Baby Boomers continuing to work instead of “retiring”? Some clearly do it because they need the money. Some do it to remain active or achieve their dreams. Some do it because they are healthier longer and can work longer. Some do it for a combination of reasons.