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There They Go - The Baby Boomers Are Retiring With A Lot Of Financial, Health And Many Other Problems
A vital 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 many have taken early retirement, a shift is happening that will affect 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 important.
The generation long named baby boomers includes those born between 1946 and 1964. It's believed to comprise over 77 million persons. 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 haven't done so well and some whose financial plans have gone wrong. Many saw life time savings eroded seriously by the stock market collapse over the past few years and now face an extremely altered lifestyle in retirement.
Baby boomers retiring now face numerous 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 everybody in the near future.
The good news in this could be higher earnings for the last several 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 radically reduced wage if they can find jobs at all and it could cause much lower than expected retirement checks.
Numerous aging baby boomers will also put a strain on health care delivery systems and the programs that fund for them. Along with aging come health problems that may be increasingly 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 increasing costs. Medicare alone only pays for 80% of most expenses and baby boomers will have to find ways to pay for the other 20% out of what will become fixed incomes.
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