the Baby Boom
Generation evolution continues....
Retirement of baby boomers means the biggest group of retirees in American history. Just as baby boomers in their younger years had to adapt to a changing society and technology, the “golden boomers” will need to adapt to changes as they leave work. Their discretionary and overall spending will continue to be very important to the American economy. This point in American history has become the time for retirement of baby boomers. Since the first of the baby boom began in 1946, the first members of this largest generation will start to turn age 65 on the first of the year in 2011.
For the 19 years to follow, another 10,000 of them each and every day will reach this landmark age. Some of the baby boomers will need to wait a bit longer to be eligible for Social Security, however, since the age was increased in recent law depending on the birth date. Even if this defers retirement of baby boomers by a year or two, a group of more than 77 million leaving the workplace will have a significant impact.
Coming of age mostly in the 1960's and 1970's, the baby boomers have experienced major changes in the landscape of their lives. With the civil rights movement, integrated schools became the norm and most baby boomers have grown up in a much more diverse society and interaction. They have seen first the television and next the computer and cell phone become the major sources of communication. Born into a time of peace and prosperity, most boomers have seen wars in Korea, Vietnam, Kuwait, Bosnia, Iraq and Iran and they have seen the economy wax and wane and recently teeter on the brink of catastrophic collapse.
Retirement will mean that baby boomers will need to call on the resources and skills that they have acquired over the tumultuous years of their generation. Economic realities may mean that they must reassess the grand plans that they had originally envisioned for their golden years. Even those with considerable and healthy retirement savings and investments may have some difficulty in adjusting to a more or less fixed income when they have been accustomed to salaries that rose every year.
A common goal for retirement is the plan to travel. It is highly likely that this will figure into the retirement plans of many of these “golden boomers.” Currently, baby boomers account for more than 80% of the leisure travel in the United State. Those who can afford to do so will most likely continue to travel for pleasure after retiring as well and this will be a boon to the economy. What as large a group as the baby boomers spend is important to everyone. At the present the baby boomers represent more than half of the purchasing power of the nation.