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Baby boomers retirement will represent the largest
generation ever to retire in the United States.
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.
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 US economy.
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
America
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.
the Baby Boom
Generation evolution continues....