the Baby Boom
Generation evolution continues....
Retirement of baby boomers implies a massive influx of this largest generation into a changed lifestyles. As this generation has learned to use new technology and new medicine to live better lives, they most likely will continue to do so in retirement. The love of baby boomers for travel is also likely to follow them into retirement. Retirement for baby boomers means big changes for them and for American society. Never before in American history has such a volume of retirements hit at one time. Since the baby boomers are the largest generation ever, it is obvious that their numbers will impact resources and needs.
A whopping ten thousand boomers a day will turn 65 beginning in 2011 and for the 18 years after that. In addition to the staggering numbers alone, the “golden boomers” are retiring at a time when the U.S. economy is struggling.
The good news is that this generation born into a time of economic prosperity has done for the most part very well themselves. Baby boomers overall have good educations and many have done due diligence in planning for their retirement incomes. While many have been disappointed by market crashes that depleted pension and savings funds, many others will still have the means for comfortable lifestyles and considerable discretionary spending.
Baby boomers have the history of a love of travel and those with the means will almost certainly continue to do so in the golden years. Trends indicate increased domestic travel which is good news for the American balance of payments. Even retirees of fairly modest means often find it in their budgets to travel to visit children and other relatives who have been scattered all over the country.
Retirement for baby boomers will mean continuing to take advantage of the technology they have seen progress so much in their lives. Use of computers has become almost universal for baby boomers and they probably will exploit this and related technology to live and purchase more efficiently and simply. Online shopping will be a boon for aging boomers who find it harder to get around and who want to avoid crowds and using gasoline.
Retiring baby boomers have also come to expect advances in health care which can help them to live longer and fuller lives. Access to advance medicine will mean avoiding some of the disabilities associated with aging such as failing joints. Baby boomers understand that worn out hips and knees can know be replaced. Failing organs can be transplanted and the ages at which transplants are considered continue to rise.
Of course, affording the best of modern medicine and technology will depend on what resources retiring baby boomers have available. The success of this generation in retirement will depend on their ability to adapt to changes in health and income and make the wisest use of what they have available.