There They Go - The Baby Boomers Are Retiring With Lots Of Economic, Health Care And Many Other Issues
A major event is occurring for one of the most significant generations in American history. We're in the process of witnessing the baby boomers retiring. As the oldest crop of baby boomers reach 65, and as some have taken early retirement, a shift is happening which will effect many parts of society. No one is yet sure of the exact effect of retiring boomers but their sheer numbers mean that this is sure to be significant.
The generation long referred to as baby boomers includes those born between 1946 and 1964. It is believed to comprise more than 77 million individuals. It is in general a well educated generation and one that has as a group acquired significant wealth. But, there are of course members of this generation of baby boomers who have not done so well and many whose financial plans have gone awry. Many saw life time savings eroded severely by the stock market downfall over the past few years and now face a seriously altered life-style in retirement.
Baby boomers retiring now face many challenges. Most of the baby boomers will require to wait until they are 66, 67, or even older to be eligible for Social Security benefits due to recent changes in the law. Actually, some in Congress are suggesting that the retirement age be reset for age 70 for everyone in the near future.
The good news in it could be higher earnings for the last few years used to calculate the amount of the Social Security payments, but the uncertain employment condition can also mean that seniors may lose jobs once safe for a life time. This could result in being forced to work at a greatly reduced wage if they could find jobs at all and this could cause much lower than anticipated retirement checks.
A lot of aging baby boomers will also put a strain on healthcare delivery systems and the programs that fund for them. Along with aging come health concerns that might be more and more expensive. There's good reason to be concerned about the number of physicians and other health-care personnel available to care for the aging boomers as well as worries about the rising costs. Medicare alone only pays for 80% of most costs and baby boomers will need to find ways to pay for the other 20% out of what will become fixed incomes.
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