Retirement of The Baby Boomer Generation

Retired baby boom generation Our children are our future and our elderly are our foundation (Wissel L. 2000). According to the US Census Bureau, there are 55.55 million Americans over the age of 55, of which 3,555 are over the age of 55. By 2030, the population aged 65 and over doubles to 70 million and the fastest growing segment of the elderly population is over 85. The baby-boomer generation will soon reach retirement age and is expected to redefine the old age.

More information can indicate how many retired people will continue to work rather than their career for most of their lives. As baby boomers retire at retirement age, job offers will increase over the next five years. More than 50 people are actually the fastest growing labor force in the United States. A lot of research is investigating the influence of health condition and health impact on retirement. People with poor health are widely known to retire than people with good health. This survey does not necessarily mean that deterioration of health leads to early retirement, as retirees are likely to exaggerate their health to justify their early retirement decisions. However, this reasoning bias may be small. Generally, over time, the decline in health and the emergence of new health conditions are positively related to early retirement.

Between 1946 and 1964, about 76 million people were born and known as the baby-boomer generation. The oldest member of this generation has reached the retirement age of social security in 2012; by 2030 the remaining baby boomers will be retired. A 19-year old baby-boomer generation is divided into 19 generations of this generation, with an average of 4 million people retiring each year, that is, nearly 11,000 people retire each day. Most baby boomers depend on Medicare and Medicaid to provide retirement healthcare. Increased stress and average life expectancy continues. This means that the baby-boomer generation lives longer than the previous generation and may rely on these plans. From this point of view, the current life expectancy of 78.8 years is nearly twice that of a century ago.