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