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There They Go - The Baby Boomers Are Retiring With A Lot Of Economic, Health Care And Other Problems
An important event is occurring for one of the most important 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 change is happening that will effect many parts of society. Nobody is yet sure of the exact impact of retiring boomers but their sheer numbers mean that this is certainly be significant.
The generation long known as baby boomers includes those born between 1946 & 1964. It is thought to comprise over 77 million individuals. It's on the whole a well educated generation and one that has as a group gained considerable wealth. However, there are obviously members of this generation of baby boomers who have not done well and some whose financial plans have gone awry. Some saw lifetime savings eroded significantly by the stock market downfall in the last couple of years and now face a seriously changed lifestyle in retirement.
Baby boomers retiring now face many challenges. Majority of the baby boomers will need to wait until they are 66, 67, or even more to be eligible for Social Security benefits because of recent changes in the law. Indeed, some in Congress are advising that the retirement age be reset for age 70 for everyone soon.
The good news in this could be higher earnings for the last few years used to calculate the amount of the Social Security payments, but uncertain employment situation could also mean that seniors might lose jobs once safe for a lifetime. This could lead to being forced to work at a substantially decreased wage if they can find jobs at all and this could cause much lower than predicted retirement checks.
Many aging baby boomers will also put a stress on healthcare delivery systems and the programs that pay for them. With aging come health issues which may be more and more costly. There is good reason to be worried about the number of doctors and other health care personnel available to care for the aging boomers and worries about the rising costs. Medicare alone just pays for 80% of most expenses and baby boomers will need to find ways to pay for the additional 20% out of what will become fixed incomes.
The Generation Baby Boomers: Short Discussion On Their Past And Current Concerns
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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