News headlines are overwhelmed with talk about how to cut the deficit. The tone before the election is noticeably different to the tone after the election as the practical realities of balancing the budget surface. On of the very biggest areas of spending is entitlements, and right now we are entering a significant milestone: The first BABY BOOMERS turn 65 on January 1, 2011. Raised in affluent times with high expectations, the first Boomers now face the prospect of longer, yet more crimped lives. Most of their homes and savings are worth less than a few years ago, and health care and energy cost more. Although many will need (or want) to work past 65, there’s less work to be had. And the longer they work, the less chance for younger citizens seeking employment.
But the biggest question raised by the Boomers’ senior moment is how it will affect the politics of Social Security and Medicare, and the nature of retirement.
Boomers’ sheer numbers (one will be turning 65 every 8 seconds) threaten to overwhelm the federal budget with rising costs for the entitlement programs.
Are New York Baby Boomers different? In many ways, yes. At a recent discussion about the development of a significant new luxury condominium, wealthy Baby Boomers were identified as an important demographic and prospective audience for super-luxe apartments, centrally located, that either remove the stress and complexities of owning a large suburban home, or provide a secondary residence for Boomers to enjoy all the City delivers.
“While there is lots of talk about the Boomers that will drain the countries budgets and suffer through more austere times, there is a small but significant group of Boomers who have accumulated significant wealth in unprecedented times,” says Leonard Steinberg, publisher of LUXURYLETTER. “There is the couple who just sold their business for $ 50million, the kids have moved out of their (much too) large house in Greenwich, Connecticut, and they want to simplify their lives: they also don’t consider themselves old, and want the vibrance, energy and options only a city like New York can offer, not to mention close and quick proximity to the best medical facilities.”
The BILLIONAIRE BOOMERS are a different breed altogether, not to be confused with the majority, and thankfully they love Manhattan.