Many people in the "baby boomer" generation are staying active as they age. By either jogging, swimming or becoming part of a sports team. They strive to remain youthful and mentally young and view retirement as an active period of their life. Theirinterest in health , fitness, looking young and attractive and longevity is quite phenomenal. They can expect to live longer due to medical advances however stress and burnout could impact on this expectation of longevity. They are well educated, thirsty for information interested in travel and will want to stay involved in the political processes. In addition they are optimistic, forward thinking and undoubtedly redefine old age. As the oldest of the nation's 75 million baby boomers approach the age of 60, a Pew Research Center survey finds many are looking ahead to their own retirement while balancing a full plate of family responsibilities either raising children or providing financial and other
The people from the baby boomer generation are all nearing, if not already in, retirement and old age. Over the next 20 years the amount of elderly people of retirement age is supposed to increase somewhere around 50%. Because of this imbalance there will be a lot of money being directed toward taking care of the baby boomer generation which may lead to decreased funding for younger generations. The baby boomers will all retire around the same time, leaving jobs unfilled. There may also be troubles in the housing market as there may not be enough young people to buy all the houses they sell. The number of immigrants in America are increasing and replacing the baby boomers in being the dominating group in our population.
Another way the economy will suffer is through the increase need for health care and elder care. As the baby boomers get older, their need for these types of expenditures will increase as well. Consequently, this increases the national health care spending too. Another problem is that governmental entities will start to lose tax revenues that the baby boomers provided so considerably. There will also be an increase in the federal budget deficit. The government will be spending more while receiving less revenue from the baby boomers. Younger generations can expect tax increases to help cover Social Security and Medicare. Even after all of these problems, there is still the burden that the baby boomers are going to leave for the current generation and the ones to follow. This will then lead to lower average of living standards for the baby boomers, and the major assets of the baby boomers will begin to decrease in value since more people will be trying to sell their assets than people willing to buy them. Retailers will also be affected negatively by this movement. Retailers can expect to lose revenue since the baby boomers will probably not spend as much, and marketers will have a difficult time searching for more sources or creating new ideas to attract the younger generations. Although there have been efforts at correcting the problem with the graying of America, governmental reform is necessary to avoid the storm of
One of the biggest issues that will be affected is Social Security benefits and medical care for everyone. Today twelve percent of the total population is age 65older; by 2080 it will be up to 23%. However at the same time the working-age is shrinking every year, right now the working-age it is 60% and it is believed to drop to 45% by 2080. Social Security is experiencing low work-to-beneficiary ratio which will fall from 3.3 percent in 2005 to two percent in 2040. That is the year that is believed to be when the Social Security trust fund will have been exhausted. Due to this there will be significant challenges that policymakers and all future Americans. Because of that policymakers are now encouraging many to delay retirement and some people are even suggesting that retirement benefits be lowered the main reason for the suggestion is people are living longer than they used to.
In today’s society, the work industry is comprised of numerous generations from baby boomers to millennia’s. Due to reasons ranging from increased cost of living to political policies, Americans are being forced to work longer in order to obtain the social security benefits they’ve contributed to during their careers. Each generation has certain generational influences such as war times and civil rights for the baby boomers and social media and the technology boom for the millennia’s. One constant that has not changed, however, is that the average American has to work for a living, and with the evolution of the US economy, they are having to work longer and are retiring later.
Today, the certainty of receiving sufficient benefits solely from Social Security for a quality standard of living after retirement is indefinite. Baby boomers—individuals born post World War II between 1946 and 1964—are beginning to claim their benefits, and given what I have learned in class, the number of individuals entering the workforce is inadequate to sustain such a large population, thus such generation will consume
As the baby boomer generation begins to reach retirement age, there has been much speculation as to what affect they will have on the health care industry. The baby boomer generation is the group of people born between 1946 and 1964. At one point, there were more than 76 million of them, of which 4 million died before 2000. With all this in mind, I will discuss what specific effects they will have now they are getting to that “elderly” stage.
The baby boomer generation will have tremendous impacts on health care as they continue to age and experience health issues. The impacts will show a significant financial difference in the very near future than what the impacts look like today for all health care organizations across the country. The baby boomer generation began between 1946 and 1964. Throughout the 18 year time span, over 76.4 million people were born. By 1964, this made up over 40 percent of the total US population. Today, this generation is between 53 and 73 years old and by 2020 there will be one and five people over the age of 65. As this time approaches and this generation becomes Medicare and
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.
For employees, the earning potential was reduced by the employers in order to adjust to the new workforce population. For consumers, the prices were increased because of the high demand for goods and services. This account was one of the changes that appeared in a newspaper article “Baby Boomers Are Still Reshaping U.S., but Now They're Middle-aged” written by Cheryl Russell which was published by Washington post in 1987. In his article, he says that “If there hadn’t been so many boomers entering the job market. Housing would be cheaper, the economy would do better in the 1970s and people would be making more money” (Russell 1987). In this quote, Russell provides his perspective on the changes that the boomer generation brought. He suggests that the boomer generation denied employers and the consumer the capabilities of earning more money on their jobs and the buying power consumers had before it was changed by the boomer
What impact do you think the “Boomers” will have on the next 30 years in our society? Write a minimum three page paper in which you explain:
As my parents discuss the need to continue working several more years until retirement, I have thought about how their continuation in the workforce will affect me after graduation. Are there going to be less job opportunities available for the newly graduated because people like my parents intend to work until they are 70? Also why do they believe they need to work until they are 70? Is the low Federal Funds Rate, which sets the tone for other interest rates, impacting their retirement savings? It is in hope of seeking answers to the questions I raised above that I selected to research the impact the federal funds rate has on the economy and weather the continued low rate needs to be increased.
By 2020, approximately 20 percent of the U.S. population will be 65 years or older and employers have yet to come to grips with this fact. The aging population will affect the workforce through retirement and those continuing to work. Medicare and Social Security are very likely to undergo profound changes. Some who reach the age of 65 will not be able to retire due to the fact that they require outside income. Retired or not, the aging population will contribute heavily to the consumer market. Their demand for leisure-time pursuits and professional services will fuel local labor markets. This boom in the service sector may replace many low-skilled or unskilled jobs. The aging of the population will be far more dramatic that ethnic
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
In general, countries experiencing high fertility and rapid population growth, have a “young” population structure and the important policy considerations are if there are enough schools and, sufficient jobs and housing to accommodate this population. Countries with “old” population structures face the problems of structuring and developing retirement and health systems to serve this older population and also they have a considerable reduction the number of the working force. The decline of the work force is one of the most dramatic economic tendencies of the past four decades in the United States. The individual’s decision of whether to stay in the workforce or to retire is based on the collaboration of a number of factors including the following: eligibility for Social Security benefits, availability of and benefits under an employer-financed pension plan, work