In today’s youth-obsessed world, it’s easy to feel like you’re past your prime once you hit forty. But rest assured, the over-forty crowd remains an influential and important part of society. As a matter of fact, the 40 and older age group is not only successful, but they are also more relevant than ever before. Here’s why.
The Power of the 50-Plus Crowd
The numbers don’t lie: the demographic of people aged 50 and above is the largest in history. With the United States population alone, there are 90 million baby boomers and seniors, making up a massive, influential, and financially secure group. Along with fantastic experience and wisdom, the 50-plus crowd also brings incredible purchasing power to the table.
Consider these statistics:
- Every seven seconds, an American turns fifty – that’s more than 12,500 each day.
- By 2015, people aged 50 to 75 made up over 40% of U.S. adult consumers.
- For fifty years to come, this age group will continue to be the largest demographic.
- By 2030, the population aged 65 and older is projected to increase by 75%.
- In 2011, the first baby boomers turned 65.
- By 2030, the last of the boomer population will turn 65.
- People over 50 have over $2.4 trillion in annual income.
- The 50-plus segment is the most affluent consumer group today.
- Over the past decade, the highest rate of new business creation was posted by those aged 55 to 64.
- In 2012, almost a quarter of new businesses were started by entrepreneurs aged 55 and older.
- The 50-plus age group spends an average of $7 billion online annually.
- More than 50% of discretionary spending power belongs to baby boomers.
- The 50-plus age group owns over 80% of the money in savings accounts.
- Baby boomers are 26% of the population but make up 40% of the economy.
Experience and Vision Matter
Despite what some may think, turning forty does not mean you’re suddenly irrelevant. Instead, it showcases a group that has achieved great success and remains an important part of society. With a wealth of experience, capital, and vision, the 40 and older demographic has the ability to shape the course of society in meaningful ways.
Take Ray Kroc, for example. At age 52, he went into business with the McDonald brothers and started a small restaurant chain called McDonald’s. Likewise, Harlan Sanders started franchising Kentucky Fried Chicken at age 65, while the inventor of ramen noodles, Momofuko Ando, began selling pre-cooked instant noodles at age 48.
It’s Never Too Late for Change
If you’re in your forties or older, don’t be afraid to change careers, start a business, or chase after ambitious goals. The knowledge and expertise you’ve gained throughout your life is invaluable and makes a significant impact in society.
Ageism may be a real concern, but don’t let it silence your voice or keep you from pursuing your dreams. Your ideas, strengths, weaknesses, and passions matter much more than an arbitrary number. The truth is that your over-forty wisdom and experience have never been more relevant and valuable.
