Baby Boomer Retirement

baby boomer retirement
How US Economy will Sustain upon Retirement of​ Baby Boomer Generation
The Baby Boomer generation is​ a​ demographic term for the Americans born somewhere in​ between 19461964. Based from a​ 2000 United States census, the Baby Boomer generation holds the population of​ roughly 83 million. to​ date, baby boomers range from 42 to​ 60 years of​ age. This means that the baby boom generation is​ on its way to​ exit the labor force of​ the country.
Baby boomers are offsprings of​ a​ healthy, erudite and bounty living. Because of​ this, they have reshaped the perspective of​ growing old by reinventing themselves to​ pursue a​ new passion.
Because of​ the distinctive characteristics of​ baby boomers, they have caught much attention and are the subject of​ studies and surveys. as​ for one thing, baby boomers belong to​ an influential generation that significantly affects the economy of​ the United States.
In an investigation conducted to​ find out how baby boomers foresee retirement, here are some of​ the key findings
For baby boomers, retirement is​ an opportunity to​ devote themselves to​ the family and to​ enjoy their leisure time by pursuing their interests and hobbies. However, they view retirement as​ a​ chance to​ empower their skills and find another career apt for their age.
Baby boomers seek for both personal and career fulfillment that this becomes a​ driving force for them to​ prepare and plan for retirement. They cling to​ social security by accessing health and life plans.
Baby boomers yield an optimistic generation with conservative financial expectations.
So compared with their parents, baby boomers are far likely to​ be continuously working while enjoying their leisure. Comparatively, baby boomers made more money than their parents.
Tracing back to​ the annals of​ American history, the US economy has predominantly prospered since the baby boomers matured to​ enter the labor force. Historically, they are considered to​ be the prime source of​ the work force. But now that there is​ the expected demographic declination of​ baby boomers, the Unites States Bureau of​ Labor Statistics prospects labor shortages that must be remedied all at​ once. Otherwise, this will inflict dire consequences to​ the economy.
However, there are some solutions to​ address the foreseen labor shortage by targeting the other variables that affect the demographic landscape. Organizations and companies can consider retaining the older workers, correcting the gender imbalance in​ work designations, outsourcing and hiring immigrants.
Since the baby boomers entered the labor force, the US economy has grown faster than its overall population. And the impending decline in​ the participation of​ baby boomers to​ service will reflect to​ a​ slower rate of​ labor force growth as​ well as​ to​ the economy.
To make up for the threatening flux of​ baby boomers contribution to​ work force, they must be encouraged to​ remain in​ service for a​ longer span. to​ encourage the aging baby boomers to​ stay in​ the labor force, companies and organizations should consider the following
In the years to​ come, age retirement of​ the recipients of​ Social Security pension shall eventually be raised to​ 67 for the baby boomer generation. With this attraction, baby boomers will likely to​ continue working over the age of​ 66 to​ avail full benefits of​ their pension.
The next course is​ defining the pension privileges that will offer more pay for those who stay longer in​ the work force. Instead of​ the specific age requirement, the span of​ work as​ the basis for the Social Security pension will encourage the aging baby boomers to​ work longer.
Since baby boomers enthusiastically prepare for their retirement, these offers will boost their will to​ stay in​ the labor force. The aforementioned courses will render mutual benefits for both the companies and the baby boomers.
As the company understands the effect of​ the baby boomers retirement, they can thoughtfully prepare the upcoming adversities to​ the labor rate. These companies and organizations involving the baby boomers must start their investigation on how to​ customize their system to​ accommodate the aging employees. And they can find better alternatives to​ ride the crest of​ the demographic wave caused by retiring baby boomers.
And learning the distinctive characteristics and views of​ the baby boomers towards retirement is​ a​ good strategy to​ learn how to​ deal with the circumstances.

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