Baby Boomers Retirement - Heading South For The Golden Years
The time has ultimately arrived for the beginnings of the baby boomers retirement. The first cohort of baby boomers is reaching 65 and the traditional retirement age. Through the financial success of this generation, some have been able to take even earlier retirement with IRA's & 401K's and many other savings making it needless to wait for eligibility for Social Security benefits or to rely on it as their sole retirement benefits.
For those who are not as lucky who will depend mostly on their Social Security benefits, there have been several changes. Younger baby boomers won't become eligible for Social Security at 65 but will rather require to wait an additional year or several years depending on when they were born delaying their baby boomers retirement. Congress is considering raising retirement age for everybody, but it's not clear if this would be applied to baby boomers.
Many societal commentators are now starting to refer to aging baby boomers as "Golden Boomers." This references both dignity as a "golden age" and the idea that a few of the most successful boomers have large retirement benefits from their companies. This group will enter baby boomers retirement, with their income and spending abilities largely unchanged and even increased as their children are grown and no more dependent and their homes might be paid for.
For many Golden Boomers, the gold turned to brass when dropping stock prices decreased the value of their retirement accounts. For them, retirement will mean living in drastically reduced circumstances and this will negatively effect American economy.
All baby boomers who're retiring will face the troubles common to all with aging. Although health-care during their lives has drastically enhanced the chances for a longer and more healthy life, it comes at a great cost. Baby boomers retirement may mean very real fears about being able to afford the health-care they require for a good standard of living.
Retirement for baby boomers also means mental changes. After working for a long time, adapting to a life style of relaxation may be difficult and many feel they lack a sense of goal. For others, financial & physical realities might mean that they're unable to enjoy the activities they had desired when their working days were over.
Baby boomers retirement signifies a vast impact on America since the numbers of the generation are very large. Around 77 million people make up the baby boomers and the alterations in their health and financial status will place some burdens on younger generations. But, baby boomers are on the whole well educated and productive. With these tools they are likely to adapt and flourish in retirement.
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