A significant event is occurring for one of the most important generations in US history. We are 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 change is happening that 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 certainly be significant.

The generation long called baby boomers includes those born between 1946 and 1964. It is thought to comprise over 77 million individuals. It is on the whole a well educated generation and one that has as a group gained considerable wealth. However, there are of course members of this generation of baby boomers who have not done well and some whose financial plans have gone awry. Many saw lifetime savings eroded significantly by the stock market downfall in the last few years and now face a seriously changed lifestyle 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 more to be eligible for Social Security benefits because of recent changes in the law. Indeed, some in Congress are suggesting that the retirement age be reset for age 70 for everyone soon.

The good news in this could be higher earnings for the last few years used to calculate the amount of the Social Security payments, but the uncertain employment situation could also mean that seniors might lose jobs once safe for a lifetime. This could result in being forced to work at a greatly decreased wage if they can find jobs at all and this could cause much lower than expected retirement checks.

A large number of aging baby boomers will also put a stress on healthcare delivery systems and the programs that pay for them. Along with aging come health concerns which may be more and more expensive. There is good reason to be worried about the number of doctors and other health care personnel available to care for the aging boomers as well as worries about the rising costs. Medicare alone just pays for 80% of most expenses 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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Classification Of The Baby Boomers
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