There They Go - The Baby Boomers Are Retiring With Numerous Economic, Health-Care And Many Other Issues
An important event is occurring for one of the most significant generations in US history. We are in the process of witnessing the baby boomers retiring. As the oldest crops of baby boomers reach 65, and as some have taken early retirement, a shift is happening that will affect many parts of society. Nobody is yet sure of the exact impact of retiring boomers but their sheer numbers mean that this is sure to be vital.
The generation long called baby boomers includes those born between 1946 & 1964. It is believed to comprise over 77 million persons. It's on the whole a well educated generation and one that has as a group acquired considerable wealth. However, there are certainly members of this generation of baby boomers who have not done so well and some whose financial plans have gone wrong. Some saw lifetime savings eroded severely by the stock market fail in the last several years and now face a seriously altered lifestyle in retirement.
Baby boomers retiring now face lots of challenges. Majority of the baby boomers will need to wait until they are 66, 67, or even older to be eligible for Social Security benefits because of recent changes in the law. In fact, some in Congress are advising that the retirement age be reset for age 70 for everyone in the near future.
The good news in this could be higher earnings for the last couple of years used to calculate the amount of the Social Security payments, but uncertain employment situation can also mean that seniors might lose jobs once safe for a lifetime. This could lead to being forced to work at a greatly reduced wage if they can find jobs at all and it could cause much lower than predicted retirement checks.
Many aging baby boomers will also put a strain on health-care delivery systems and the programs that cover for them. With aging come health concerns that may be increasingly more costly. There is good reason to be concerned about the number of doctors and other healthcare personnel available to care for the aging boomers and worries about the rising costs. Medicare alone only pays for 80% of most expenses and baby boomers will have to find ways to pay for the additional 20% out of what will become fixed incomes.
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The generation baby boomers falls within those born of the post war baby boom between 1946 and 1964. (Some authors and some other countries have used slightly different time ranges for this generation.) The name most likely comes from a book about the baby boom in America written by Landon Jones.
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