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America’s Doctor Shortage and Aging Population Are About to Collide

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Around 75 million Baby Boomers have recently retired or will soon at a rate of about 3 million per year. As these people reach their golden years, they will inevitably require more medical care. There are so many Baby Boomers they will change the balance of young and old people in America. By 2029, the number of 18 to 65 year-olds will drop from 63% of the population to 57%.

Alongside the rapidly aging population, which creates new demand for doctor services, is the rapidly aging population of doctors, many of whom are Baby Boomers and will themselves soon retire. That creates a supply problem. CBS New York writes:

By 2025 there could be a shortage of up to 35,000 primary care physicians. Koeppen says money plays a role.

“If you’re graduating from medical school with several hundred thousand dollars in debt, you may choose a sub-specialty where your earning potential is greater,” he said.

Still, Norman said she made the right choice about the kind of doctor she wants to be.

“If you’re able to control their pain, if you’re able to explain their risk factors when they’re afraid of inheriting something from family… It’s equally beautiful and rewarding,” she said.

Another reason for the looming doctor shortage is that as our population grows older, we are all going to need more health care. And most of that can and should be handled by primary care physicians, Dr. Max reported.

Read more here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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