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Baby boomers retirement will represent the largest generation ever to retire in the
. While the needs and resources of this generation vary, they have the advantage of education and life experience to make the adjustment. Society must plan for the impact of baby boomers retirement as well. United States
The time has finally arrived for the beginnings of the baby boomers retirement. The first cohort of baby boomers is reaching 65 and the traditional age of retirement.
Through the financial success of their generation, many have been able to take even earlier retirement with IRA's and 401K's and other savings making it unnecessary to wait for eligibility for Social Security benefits or to depend on it as their sole retirement income.
For those who are not as fortunate who will depend largely on their Social Security benefits, there have been some changes. Younger baby boomers will not become eligible for Social Security at 65 but will instead have to wait an extra year or years depending on when they were born. Congress is considering raising retirement age for everyone, but it is not clear if this would be applied to baby boomers.
Some societal commentators are now beginning to refer to aging baby boomers as “Golden Boomers.” This references both maturity as a “golden age” and the concept that some of the most successful boomers have huge retirement benefits from their companies. This group will enter retirement with their income and spending abilities largely unchanged and even improved because their children are grown and no longer dependent and their homes may be paid for.
For some Golden Boomers, the gold turned to brass when falling stock prices decimated the value of their retirement accounts. For them, retirement will mean living in greatly reduced circumstances and this will negatively impact the
All baby boomers who are retiring will face the problems common to all with aging. Although health care during their lives has greatly improved the chances for a longer and healthier life, it comes at a great cost. Baby boomers retirement may mean very real fears about being able to afford the medical care they need for a good quality of life.
Retirement for baby boomers also means psychological changes. After working for a lifetime, adjusting to a lifestyle of leisure may be difficult and some many feel they lack a sense of purpose. For others, financial and physical realities may mean that they are unable to enjoy the activities they had planned when their working days were over.
Baby boomers retirement represents a huge impact on
because the numbers of the generation are so large. About 77 million people make up the baby boomers and the changes in their health and economic status will place certain burdens on younger generations. However, baby boomers are on the whole well educated and resourceful. With these tools they are likely to adapt and flourish in retirement. America