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Retiring Baby Boomers - A Flood Of Folks Entering Retirement Age With Many Difficulties
Retiring baby boomers will represent the biggest ever numbers of people entering retirement age. While many have benefited from the relative affluence of this generation, others haven't been able to save for retirement or have seen their funds lost for stock market falls. Additionally, the specter of decreasing health and the costs associated with it will be an issue for the baby boomers and their society.
Retiring baby boomers are here now and a lot more are to come. The post war baby boom made an almost unheard of increase in population from more than 3 million births a year. This continued from 1946-1964 when the birth rate finally dipped under that level again. The implication is that increasingly more people are retiring each year and presenting more demands that come with both aging and retiring from the active workforce.
A huge number of retiring baby boomers have had many means to get ready financially for retirement including Personal Retirement Accounts, 401K accounts, stocks and bonds, and deposit certificate, to name a few. Many in top level positions might even have the so called "Golden Parachute" retirement benefits which will permit them to live rich lifestyles after leaving work.
Others might find themselves in significantly reduced means with retirement either from lack of planning, low incomes that did not permit much savings or even from bad luck like retirement plans that relied greatly on stocks that lost majority of their value in market setbacks of the last few years. Some may be required to keep working for years past the time of conventional retirement at 65 as they can't live on what their retirement savings and Social Security or its similar would pay.
Some boomers are also being affected by modifications in the Social Security rules which have pushed back retirement age to 66 or 67, and Congress is considering even greater age requirements for benefits. Although the govt has assured the public that Social Security and Medicare are totally funded for several years in the future, many people still anxious about the solvency of these programs.
Retiring baby boomers like all aging people also have concerns about their health and the diseases that all quite often plague senior persons. As their health-care cost rise, their future income in retirement is going to remain fixed. Although Medicare covers 80% of most costs, retiring baby boomers will have to find a solution to pay for the remaining 20% or to pay for supplemental insurance to cover it.
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