• by Jennifer Daggs , June 22, 2015

There are many reasons three-quarters of Baby Boomers are planning to work past traditional retirement age. Some are trying to build up a post-recession retirement fund or keep up with a hefty mortgage payment. Others have adult children and/or parents to support. Still others just enjoy their current work or want to start an “encore” career. Whatever the reasons for working, the Boomer generation’s desire to stay in the job market can bring opportunities to marketers in a range of industries. Here are a few areas to watch:

Education

As the competition for traditional undergrads gets stiffer, colleges are willing to waive entrance fees and application essays in order to boost enrollment figures. However, another revenue stream is available to them: Boomers who need retraining for second-act careers or who want to sharpen their current skills. Both Harvard and Stanford have launched programs for executives in their 50s and 60s looking to change careers, and some community colleges are already participating in the Plus 50 program, which helps Boomers earn high-value degrees or certificates to prepare them to land a job or advance in a career. 

Banking

Adults over 50 are one of the fastest-growing groups of entrepreneurs, twice as likely as Millennials to say they are planning to start a business. Connecting Boomer business owners with services such as loans, accounts, mortgages and credit cards are a few of the ways banks can profit by targeting this demographic. 

Fashion

Boomers in the workplace need to keep their look fresh and current to compete with younger employees. However, although some clothing brands are using older models, it can still be a challenge for Boomers to find fashionable, modern, work-focused clothing that is marketed to them, not to a younger generation. 

Building 

According to Multifamily Executive, one of the house features Boomers desire most is a home office with high-speed Internet, wireless and the flexibility to convert to a guest room for visiting family. In retirement communities, the virtual work environment will also be a growing trend as residents who continue to work will need high-tech home offices to stay connected to their jobs, reports design firm Perkins Eastman. 

Employment Services

As Boomers stay in the job market longer, they’ll face challenges competing with a younger work force. Career coaches and training programs may find a profitable niche. Job search engines targeted specifically to Boomers may also experience growth. 

These are just a few of the marketing opportunities that companies will discover as Boomers ignore the traditional retirement age and keep working. Is your business positioned to help Boomers in their second act?