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There They Go - The Baby Boomers Are Retiring With Numerous Monetary, Health Care And Other Problems
An important event is occurring for one of the most significant generations in American history. We are in the process of witnessing the baby boomers retiring. As the oldest crops of baby boomers reach 65, and as many have taken early retirement, a shift is happening which will effect many parts of society. No one is yet sure of the exact impact of retiring boomers but their sheer numbers mean that this is sure to be important.
The generation long known as baby boomers includes those born between 1946 & 1964. It's believed to comprise more than 77 million individuals. It is on the whole a well educated generation and one that has as a group acquired significant wealth. However, there are certainly members of this generation of baby boomers who haven't done so well and many whose financial plans have gone awry. Many saw lifetime savings eroded severely by the stock market collapse in the last several years and now face an extremely altered life-style in retirement.
Baby boomers retiring now face many challenges. Most of the baby boomers will need to wait until they are 66, 67, or even older to be eligible for Social Security benefits due to recent changes in the law. Indeed, some in Congress are advising that the retirement age be reset for age 70 for everybody 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 situation can also mean that seniors may lose jobs once safe for a lifetime. This could lead to being forced to work at a radically reduced wage if they could find jobs at all and this could cause much lower than anticipated retirement checks.
Many aging baby boomers will also put a strain on health care delivery systems and the programs that pay for them. With aging come health issues that might be more and more expensive. There is good reason to be concerned about the number of physicians and other health care personnel available to care for the aging boomers and worries about the increasing 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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Generation Baby Boomers: Short Discussion On Their Past And Present Challenges
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