Baby Boomer Generation Pros And Cons

“Only 24% of Baby Boomers are confident they will have enough savings to last throughout retirement, down from 36% in 2012.” (Frankel) This is the reason more Baby Boomers are working longer before retiring. At the same time the Millennials were growing up through the recession, acquired student loan debt and were entering a very competitive job market. Robin Lewis captured this reality through this quote. “This is a generation that is bigger than the boomers in population, but their wallets are smaller, and they are more into the style of life than the stuff of life.” This backs up a study conducted by Bank of America Merrill Lynch that shows “A whopping 82% of millennials are investing in a retirement savings account and 75% of the baby boom generation does so.” (Abrams) The main reason for this pattern is the Millennials are investing in retirement accounts at work many of which have matching programs and Baby Boomers are skitish of the market and losing more of thier retirement.

In America, people are changing their views on aging and the elderly. Some of the reasons that the attitudes are changing could be due to more elderly people are remaining in the work place longer, as opposed to retiring early. Riffkin (2014). And there is the fact that we baby boomers are living longer. Even though the U.S. only ranks 53rd with a life expectancy of 79. That’s an increase of one year since 2010. (“The World: Life Expectancy” 2016)

BABY BOOMERS were born during 1946-1964 and are in the 48-65 age range. Health, energy and wellness are major goals for them. Family values are very important to this generation. Many are becoming Empty Nesters since their children are leaving home. The necessity of having a family vehicle is not essential anymore.

Baby Boomers are the most powerful demographic group in history. Businesses thrives or fails based on their ability to keep pace with the likes and dislikes of this economic powerhouse known as the baby boomers. At 76 million strong, boomers have the influence to rule the marketplace and make sure they keep a place set just for them as the

As of 2012, there were 65.2 million Baby Boomers still living in the US. These individuals, all now currently between the ages of 50 and 68 years old, represent 21% of the current US population.

After World War II, birth rates increased enormously over the whole world. During the baby boom, around 77 million babies were born in the U.S. More people in the country created more consumer demand, which made a big increase in manufacturing and production. The average income among people increased and made the demand greater. The baby boomers made a long-lasting economic growth that raised the standard of living in The United States and the world. The first baby boomers became eligible to retire in 2012 and will be different retirement compared to their parents the greatest generation. The retirement is different in ways like longer retirement, higher expectations, exotic investment options, deregulation, rising instead of declining interest rates, and personal saving instead of pensions.

Before we can get into the juicy information pertaining to the fascinating period of Baby Boomers, we must first take a quick glance at what was happening before this occurred.The main event that came to a conclusion that had a significance to the world and is a recent and relevant topic to the Baby Boomer period was the end of World War II.World War II had been going on since 1939 when the Nazi army and the Soviet Union united invaded Poland, resulting in the British and French declaring war on Germany.The allies allow Hitler to commit illegal actions without deciding to go after him(they just sat and watch him invade and grow as the years went by).It seems over for the Allies until the Japanese decided to obliterate Pearl Harbor December

The generation consisted of consumers but not savers (From Savers to Spenders:)1. Baby Boomers used fossil fuels, gas guzzling cars, and neglected to invest or save money. As a result there is possible global warming, significant amount of personal bankruptcies, and the government is in significant debt because it financed an unsustainable government welfare programs. The effect on the current generation may be higher taxes fewer government programs and the cost of dealing with climate change. The Boomers also saw the development of high tech and the erosion of jobs.

Baby Boomers constructed America in the 1960s, and soon the Millennials will get their chance. Baby boomers are currently the largest generation of active workers. Research has shown that boomers identify their strengths as organizational memory, optimism, and their willingness to work long hours. Many earned, many still earn high incomes. The millennial generation, born between 1980 and 2000, are starting to enter businesses in large numbers. However, they do not have the same views and values when working compared to the Boomers. This Boomers grew up in organizations with large corporate hierarchies, and Millennials grew up with management structures and teamwork based job roles. By 2025, millennials will make up the 75% of the workforce replacing the Boomer generation. But, are they ready for the workforce and is the workforce ready for them? I think they would be ready if businesses are able to change and adapt towards them.

Cultural patterns are likely to change, as the average of age of the population rises and the share ever age sixty-five climbs higher. Younger will see more seniors everywhere like shopping malls, sporting events and walking around outside if they can. Older people and seniors are now welcome to continue school if they want to because colleges now are opening their doors for them. Some elder people actually try to complete their degrees so they could get a new career so they don’t have to retire. Between the ages of sixty-five and seventy-five are more likely to live independently with good health and financial security, they are called the “young old.” Past the age of seventy-five, are more likely to have money and health problems and tend to

Generation Xers are often referred to as the Baby Bust generation. They were born 1965- 1976, now many Gen Xers find themselves having large amounts of responsibility. Having to take care of the now retiring Baby Boomer generation and the still young Millennia Generation. At this point they have all reached middle age and most are at the height of their professional careers. Gen Xers are the least represented generation, they are often looked over in regards to marketing and statistics. They are the demographic bridge between the more conservative Baby Boomers

The fact that the American population is aging has raised concerns. In 2011, the number of adults over the age of 65 reached 41.4 million, which account for 13.3% of the population ("A Profile of Older Americans: 2012," 2012). It is estimated that there will be about 71 million older adults by 2030 ("Healthy Aging-Improving and Extending Quality of Life among Older Americans," 2009). Approximately 2.1 million elderly are currently living in

The recent growth in the number of older adults in the United States is unusual in the history of America. The anticipation of the elderly population (65+) by the year 2050 will be almost 89million people, or greater than the population of the elderly in the year 2010 (CDC 2013).

Baby Boomers have been one of the most powerful forces in shaping the economic environment and are the wealthiest generation in the United States (Kotler and Armstrong, 2015). “In their early years, “Leading Edge” Boomers enjoyed economic prosperity, and their resulting financial power in their prime years drove rising trends in everything. However, the recessionary years of the early 1970’s also added cautionary realities to their youthful consumption and employment dreams” (“America’s Oldest Boomers”, n.d.). Baby boomers control approximately 70% of the disposable income in the United States, therefore, they are known as being one of the most influential financial forces in the marketplace (“Baby Boomers Report”, 2015). As they reach their

Kyles (2005) defines them as competitive, political, hardworking, and nonconformists. “Known for their workaholic ethic, Boomers will do whatever it takes to get the job done and get ahead, and they expect to be rewarded. They outnumber all generations and hold a majority of management-level positions. They are also approaching retirement and are heavily concerned with financial and job security” (Kyles, 2005, p. 54). This group is very hard working and also offers a lot of wisdom that can be beneficial to those of the younger generations.