Celebrities cashing in on the grey pound

From Raquel Welsh to Clint Eastwood - celebrities making money from Baby Boomers

Jimmy Buffett attends the premiere of 'The Avengers' during the Tribeca Film Festival in New York City.

Jimmy Buffett, the American singer best known for his song Margaritaville, is cashing in on the grey pound. He has announced plans to open a string of Margaritaville retirement home communities. The first will be in Daytona Beach in Florida, and retirees (aged 55 and 'better') will apparently be able to live in communities where the 'party never stops'.

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It's a great way to make money from his fame - and with 10,000 people registering for the first development, it's set to be a money-spinner.

Marketing teams have always claimed that retirees aren't convinced by celebrity endorsement, because they assume they are just in it for the money. By bringing out their own range of products, however, older celebrities are putting their money where there mouth is, which could prove a massive head-start in convincing retirees to give a product a try.

For such a bold move, we'll happily crown him as number one on our top five celebrities cashing in on the grey pound - and he's in good company.

2. Jane Fonda
The fitness guru is showing no signs of slowing down in her 70s. At the age of 72 (after hip and knee replacements) she brought out an exercise video, aimed at the baby boomer generation.

3. Clint Eastwood
The actor, director and one-time politician, has a number of businesses to his name. One of them is the invitation-only Tehama Golf Club near Carmel in California (where he was once the mayor). Golf is, of course, popular with all ages. However, it's a boom industry among the retired. Those who really fall in love with the place can buy incredibly swanky homes in the resort too - and live out their retirement in style.

4. Prince Charles
The Duchy Originals brand isn't specifically designed with the over-55s in mind, and it is now a Waitrose brand rather than a Royal brand. However, given the enormous array of shortbread biscuits, cakes and teas, there's a reasonable chance that Waitrose is appealing to its older demographic with a brand so closely associated with royalty.

5. Raquel Welch
Rachel's range of wigs is not targeted specifically at older women, but given that the actress is 76 years old and wears the wigs herself, she's a great brand ambassador for baby boomers whose hair may have started to thin.

The power of celebrity endorsement

The power of celebrity endorsement