the Baby Boom
Generation evolution continues....
Many issues emerge as baby boomers retire in record numbers. With their number 78 million strong, boomers will greatly increase the percentage of seniors in the population. In addition, a great many baby boomers are deferring retirement past the age of 65 because of financial and other issues. America should be watching with a great deal of interest as boomers retire. A massive generation of some 78 million baby boomers are making the transition to “golden boomers” and reaching the traditional retirement age. Beginning with the first of 2011, ten thousand baby boomers will turn age 65 every day! This will result in the doubling of the numbers of senior citizens over the next two decades.
Baby boomers come into retirement age as one of the most successful as well as largest generations ever. Believed to control as much as 80% of the wealth of America, they account for half of the overall and the discretionary spending in the U.S. economy. As a result, many well be well prepared financially for retirement and maintaining their lifestyles and spending.
Other baby boomers who made lower salaries may not have near enough saved for more than a very modest lifestyle after retirement. Others may have planned well, but saw their stocks and investments diminish with a falling stock market and now also face greatly reduced circumstances. Another factor is the need for more funds to draw from simply because life expectancy is increasing.
Some will cope with not having enough funds for a comfortable retirement by continuing to work past the normal age of 65. Indeed, younger baby boomers will need to work longer than 65 to receive Social Security benefits because of changes in the law, and Congress is considering extending the age of eligibility to as high as 70.
Other boomers simply are not ready or willing to retire at 65 and plan to continue in their occupations. Recent surveys indicate that as many as 80% of the baby boomer generation plan to defer their retirement one or more years.
As baby boomers retire, they will also face the health issues that come along with the aging process. Although they are healthier and have longer life expectancy than prior generations, they will need to deal with their widespread incidence of obesity and the health risks that accompany it. They will also face shortages in the numbers of doctors needed who specialize in the care of the aging.
Finally, as baby boomers retire, they will also face the issue of affording the health care that they will require for the best quality of life. The future of Medicare is seen to be uncertain and the availability and affordability of other insurance is problematic with the pre-existing conditions many of the aging population experience.