The old, traditional idea is that senior citizens do not have to work; they can sit back and enjoy the fruits of years of labor while the young take care of them. The generation of baby boomers created a long of change in the world. Now they are drawing closer to the age of retirement and soon will be retiring in large numbers. Is it possible to imaging them spending a leisurely life at home, doing nothing?
The generation of baby boomers is know for their uniqueness. They have redefined and reshaped several aspects of social culture. They made their presence felt in the past, and they will surely do so again in the future. Right from the beginning, baby boomers have thought differently and made different types of choices and decisions. Getting old has not changed them in any way.
Close to retirement, they are faced with making a big personal choice again. They have to either retire in the traditional way or continue in the workforce. Being a baby boomer, he or she will probably prefer to remain in the workforce as long as possible. In fact, about 76 percent of working baby boomers intend to extend their stay in the workforce although they have reached the age of retirement.
Most senior citizens consider retirement as the end . However, baby boomers consider it to be the most important phase of their lives. This does not mean that baby boomers want to continue working at a nine-to-five job till the end of their lives. Some of them would prefer to work part-time, and others want to pursue their dreams of starting an enterprise of their own. Some baby boomers want to take a break and enjoy a life of leisure after working for so many years; others would love to travel because, after all, they have made enough money to spend on travelling.
Several external factors have shaped these decisions made by baby boomers. For one, baby boomers comprise the largest section of the population. America's labor force will be greatly depleted if they retire in large numbers, and the state will find it extremely difficult to pay out so many retirement benefits. The other consequences of boomer retirements are:
Boomers are expected to live long because of the development made by technology and medical science. However, if boomers live longer, they have to spend more, and their retirement funds may not be enough to take care of all their requirements.
Companies that offer pension plans are planning to change their plans and lower retirement benefits to employees. Since boomers are already close to retirement, this leaves them with little time save for their life in the future.
Medical costs are soaring. Companies expect a ten percent annual increase of boomers seeking medical products or services where they can save or pay on medical costs or services.
These factors greatly influence a baby boomer's decision. They can't depend on their children because their children might have their own families to take care of. Baby boomer retirement, therefore, is a cause for concern not only for baby boomers, but also for the sate.
Baby boomers impact the country's economy in a large way. They were responsible for the rapid rise of American economy when they were working and spending powerfully back in the nineties. When they quit the workforce in large numbers, the country's economy is bound to suffer. The United States and other countries are now faced with this powerful challenge. And companies and organization have already come up with some solutions.
Baby boomers are more interested in self-welfare than in anything else. A boomer does not really take the other into consideration while he or she makes a decision. If baby boomers decide to extend their stay in the workforce or quit and start businesses of their own, no force on earth can convince them to change their mind.
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