Today, more than 10,000 Baby Boomers will retire. This is going to happen day after day, month after month, year after year until 2030. It is the greatest demographic tsunami in the history of the United States, and we are woefully unprepared for it. We have made financial promises to the Baby Boomers worth tens of trillions of dollars that we simply are not going to be able to keep. Even if we didn't have all of the other massive economic problems that we are currently dealing with, this retirement crisis would be enough to destroy our economy all by itself. During the first half of this century, the number of senior citizens in the United States is being projected tomore than double. As a nation, we are already drowning in debt. So where in the world are we going to get the money to take care of all of these elderly people?
The Baby Boomer generation is so massive that it has fundamentally changed America with each stage that it has gone through. When the Baby Boomers were young, sales of diapers and toys absolutely skyrocketed. When they became young adults, they pioneered social changes that permanently altered our society. Much of the time, these changes were for the worse.
According to the New York Post, overall household spending peaks when we reach the age of 46. And guess what year the peak of the Baby Boom generation reached that age?...
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4 comments:
Sorry but I had to laugh at the anology that when baby boomers were young the sale of diapers skyrocketed. Well they will still be selling us diapers when we are old.....
Another note, I have had to cash in my 401K to supplement the lack of income that I currently have, at the ripe old age of 50. I have no doubt that there will be economic ramifications when I reach retirement, in poverty, since I will never be able to re-earn/save all that money.
The peak of the baby boom reached the age of 46 occurred 11 years ago, in 2003.
For those of you who disagree with my statement (the referenced article states a different year), consider that the most births during the baby-boom years occurred in 1957. Those folks (myself included) turned 46 in 2003.
Source: Bureau of Labor Statistics.
Look at the graph -- the highest bar (most births) occurred in 1957.
Small answer to a big problem....but at least it does help. SWAP... If you can sew help someone with ripped jeans and they can rake your yard in return. Pay it forward. Help the kid that helps you by loading your car. Don't just say thanks and drive off.. give them a little something. They are making minimum wage and if you can help do it. If you are poor and need something and that someone else wants. SWAP
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