There has been much said about the present opportunity for financial service firms and professionals to capitalize on the waves of boomers set retire in the next few years.
A less-known fact that provides just as much potential for the industry was recently reported by LIMRA: The number of Americans reaching 65 years old each year will continue to grow beyond the boomer generation.
It was an accepted fallacy that after the last of the boomers transition into retirement, numbers retiring in subsequent generations will dwindle.
According to LIMRA that is not the case. Citing the U.S. Census Bureau, LIMRA reported that in 2013, 3.4 million are projected to reach age 65; in 2023, 4.1 million will reach 65 and 4.2 million will hit retirement age by 2050.