Many Baby Boomers Close To Retirement

Many Baby Boomers Close To Retirement

many baby boomers close to​ retirement
Many Baby Boomers are Close to​ Retirement, What Will They Do?
When people get old, they need not work .​
They should enjoy the rest of​ their lives having fun and worrying about nothing .​
But ever since baby boomers were born, a​ lot of​ changes have taken place in​ each milestone of​ their life .​
And now that they are close to​ retirement, can you imagine them staying at​ home and doing nothing at​ all?
With their unique characteristics, baby boomers were able to​ redefine and reshape the society as​ a​ whole .​
They certainly made an​ impact before, and probably they will again for the years to​ come .​
Of all baby boomer population, about 76% of​ them intend to​ stay in​ the workforce even after the age of​ retirement.
Baby boomers tend to​ make decisions that make them different from other generations, and they never outgrew this trait .​
Now that they are retiring, they are sure to​ make a​ big personal decision .​
They have to​ choose between retiring or​ to​ keep working .​
But if​ you're talking about a​ boomer, he will probably choose the second alternative .​
To many old people, retirement is​ an​ end-point .​
But with baby boomers, it's the turning point of​ their lives .​
But this doesn't mean though that it's all work .​
Some of​ them want to​ work part-time while others want to​ put up their own businesses .​
Some boomers want to​ have a​ leisurely time away from busy schedules after many years of​ working; one way is​ to​ travel to​ other places .​
This will not be a​ problem because they have all the money to​ spend for luxurious trips.
These various decisions of​ baby boomers may be because of​ certain external factors .​
You are probably aware that baby boomers make up a​ huge number of​ the population .​
If they all retire, the workforce will be greatly affected and the state will not be able to​ handle all claims for benefits .​
Other factors include:
1. Longer life; because of​ the new technology that many people enjoy, boomers can live longer and this means another twenty years or​ so of​ incurring expenses; if​ they will live longer, their resources will not be enough to​ sustain their needs
2. Less pensions; companies offering pension plans want to​ have their plans changed and to​ reduce benefits; this does not give baby boomers enough time to​ make savings because they are near retirement already
3. Medical costs; medical costs will continue to​ rise, it​ even outpaced inflation; from now, many companies are expecting a​ 10% increase yearly of​ boomers looking for services or​ products where they can pay/save on medical services/cost.
Considering these factors, the baby boomers are sure to​ make a​ different decision once they retire .​
They can't rely on their family for support, especially if​ their children have a​ family of​ their own.
The retiring of​ baby boomers is​ not just an​ issue for the baby boomer, but also for the entire state .​
Boomers make up today's economy .​
They represent a​ large percentage of​ the workforce and they were responsible for the economy's growth during the 1990s when boomers were at​ the peak of​ their spending years and careers .​
If they all leave the workforce, what will happen to​ the economy?
The US and other countries with baby boomers are finding it​ necessary to​ address this situation .​
And at​ present, they now have plans on how the economy can cope up with such situation.
The aging and retiring boomers are a​ lot different from the previous generation of​ old people .​
Boomers love vacation homes, cosmetic surgery, skin creams, and other stuff which helps them to​ stay youthful .​
These industries can expect a​ huge increase on their sales because of​ patronizing baby boomers.
As baby boomers reach their retirement age, they have to​ make a​ sound decision whether to​ continue working or​ to​ simply stay at​ home and wait for their pension every month .​
But knowing a​ boomer, he already has a​ well thought-out plan of​ his future after retirement.
Boomers are often seen as​ individuals who are more on the 'I' side of​ things .​
They focus more on their 'self' and not on other people .​
So if​ they think that retiring or​ pursuing another career is​ best, he will stick to​ his decision .​
And no amount of​ convincing can change his decision once he has his mind made up.

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