Retirement Boomers: Their Impact on the US Economy

11 Feb Retirement Boomers: Their Impact on the US Economy

Retiring boomers as toxic spheres in US economy

By Boomeryearbook.com

Baby boomers were the most prosperous generation in all of history. We had the highest collective annual spending power. However, it does appear that many of us have spent more than we have saved. Much of our money has been used to find the proverbial fountain of youth, as we boomers seem obsessed with keeping ourselves forever young. While we might have been prosperous and while many of us still are, we are also, whether you want to face it or not a “threat” to the US economy. Psychological articles and sociologists observe that we boomers of the population of America that is 60 and over (fast becoming retirement boomers I suppose) are the most obese, and the most drug abusing.

Many may call this a gross exaggeration but most of us grew up partying, dabbling in drugs, attending political protests, engaging in sexual freedom and experimentations, calling the shots and “ruling the world”. The problem is that too many of us now aging boomers haven’t grown out of the 60s and we are having a negative impact on the US Economy.” People assumed that with age, we boomers would calm down. However, many of us haven’t and thus, speaking from a purely economical standpoint, are looked at as somewhat of a burden. Over 76% of Americans above the age of 50 plan to work through their retirement years mostly because they have to. In spite of this, retirement boomers constitute a problem.

The nearly 78 million baby boomers in the US alone will soon become, if they haven’t already, retirement boomers. The government calls us a “national challenge”. I guess it’s because everybody’s wondering how many tax payer’s dollars will be needed to support all the government programs aimed to helping retirement boomers. (i.e., Social Security, Medicare, etc). Already, many of us can’t afford to retire because Social Security is facing shortages meaning lower benefits for those of us who retire early.

Economists predict a serious problem. Fifteen percent of today’s labor force consists of the defined baby boomers above the age of 55. What happens when we retire? The current tight labor market situation will be aggravated. And, putting all this in the perspective of the global economic recession, things look bleak indeed. The pundits are telling us that private savings are the lowest since the Great Depression, and the ominous age-wave theory predicts a looming economic slowdown as we become retirement boomers.

Many psychological articles on elderly problems say there will be a sort of generational warfare. Why? … because of the fact that there will be less people putting money into the system and more people deriving benefits from that system. But most of us boomers don’t want to look at ourselves as some undeserving burdensome “old person” soaking up the country’s money and resources. After all, didn’t we pay taxes and act as responsible citizens throughout our lives? There is the common misconception that retirement boomers never think of themselves as old and/or economically burdensome. Like most things in life, this is a gray area. Many boomers do recognize the realities of our age and the associated responsibilities, while other retirement boomers seem to be in denial. The boomers in denial may well leave an unjustifiable economic burden on echo boomers (children of baby boomers) and scores of younger generations that will follow.

What do you think? Are retirement boomers a burden or potential asset? Join Boomer Yearbook and let your opinion be heard.

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