The Babay Boom Will Retire Soon, What Will They Do?

| Wednesday, May 4, 2011
By Bill Nash

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.

The retirement is the end point for many people. But it is the turning point for baby boomers. Some of the want to continue to work part-time, some of them want to put up their own business and some of them want to have a leisurely time away from the busy life; one way is to travel to other places.

These many decisions 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. Baby boomers live longer, because of new technology. They might have 20 years or more of incurring expenses. Do they have enough resource of income to sustain their needs?

2. Lower pension; many companies offering pension plans changed to reduce their benefit. This does not give baby boomers enough time to make savings.

3. Medical costs; medical costs will continue to rise, from now, many companies are expecting a 10% increase yearly of boomers looking for services or products where they can pay and save on medical services and cost.

The baby boomers are sure to make a distinct choice once they retire. They can't rely on their family for support, especially when their children have a family of their own. The retiring of baby boomers is not only just an issue for the baby boomer, additionally 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 while in the 1990s when boomers were on the peak with their spending years and careers. What gonna happen to the economy?

The US and other countries with baby boomers are discovering it required for this case. As well as present, they already have plans on the way the economy can cope up with such situation.The aging and retiring boomers are much different from the last generation. Baby boomers love vacation homes, cosmetic surgery, skin creams, and various stuff which helps them to stay youthful. These industries can expect a huge increase on their sales due to the baby boomers.

As baby boomers reach their retirement age, they have to make decision on working or stay home and await their pension monthly. They already have a plan of their future after retirement. They focus more on their 'self' and not on other people. So if they believe that retiring or pursuing another career is best, they will stick to their decision. Once they have their mind made up.

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