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Baby Boomer Retirement
Economic impact of the impending Baby Boomer Retirement
Within the next two decades, the largest segment of the American population will be retiring, leaving a huge void in America's workforce, as well as creating the largest single pull on the struggling Social Security system that America has ever sncountered. According to Dailey (1998) over one third of the American population is composed of this generation. What will be the effects of pulling this group of productive American workers out of the wealth producing sector of our economy, and transferring them to the non-working sector? The American economy, which has reoriented itself to an information economy rather than a manufacturing-based economy may face pressures to adapt further as it relied on less professional, executive leadership which has been provided by the Baby Boomers, and has to learn to rely on Gen X and Gen Y citizens in order to form a cohesive and reliable economic balance.
According to Freedman, Roma and Harris, (1999) There are now five times as many older adults as there were when Social Security was introduced in the mid-1930s, and ten times as many Americans over 65 as there were in 1900. The major force driving these numbers is the dramatic growth in longevity, alongside reductions in infant and child mortality. In 1900, the average American could anticipate living to age 47. Today the figure...
The addition of three decades to the average life span is surely one of the great wonders of the twentieth century. That change amounts to a 62% increase in the number of our days. As a result, an American woman reaching age 65 today can plan on living nearly twenty more years, while men can expect more than a decade and a half of continued life -- most of it in reasonably good health. Demographic expert Chulhee Lee of the University of California, Berkeley, has projected that the average man aged 20 in 1990 can anticipate spending one-third of life in retirement.
As remarkable as these numbers are, the real revolution is yet to be felt. Beginning just after the year 2000, the first wave of 80 million baby boomers will reach their late fifties and begin transforming America into a place where, for the first time ever, there will be more older adults than children and youth. By 2030, the number of older adults will have doubled again, to 70 million
As the oldest baby-boomers begin retiring in the approaching years, the implications for the workforce could be enormous. According to Dohm, "the current tight labor markets could be exacerbated, hindering prospects for economic growth and putting a greater burden on those remaining in the workforce, perhaps forcing them to work longer hours."…
Joseph Quinn, Richard Burkhauser, Kevin Cahill and Robert Weathers, "Microeconometric Analysis of the Retirement Decision: United States," Economics Department Working Papers No. 203 (Organisation for Economic Co-operation and Development, July 1, 1998), pp. 18-19; also, see OECD'S Economics Department website on the Internet at http://www.oecd.org/eco/eco.
Frederick W. Hollman, Tammany J. Mulder, and Jeffrey E. Kallan, "Population Projections of the United States, 1999 to 2100: Methodology and Assumptions," Working Paper No. 38 (U.S. Bureau of the Census, 1999). This paper digs deeper into the statistical data regarding the baby boomer retirement.
John R. Woods. Pension Coverage among the Baby Boomers: Initial Findings from a 1993 Survey. Social Security Bulletin, Vol. 57, 1994. One of the most significant effects of the boomer retirement will be the economic drain on pension and social security plans. This article considers the ramifications of preparation, and potential effects of lack of financial preparation for the event.
Baby Boomers The "Boomers" An Analysis of the Impact the "Boomers" will have on Society in the next Thirty Years The years between 1944 and 1964 is often referred to as the great "baby boom." It is often referred to as this because this period produced the largest generation of babies in the history of the United States. This marks the period after the end of World War II when the country was
Baby Boomer and Health Care Crisis Baby boomers and healthcare Baby boomers and the health care As the United States continues to grapple with the growing rates of chronic diseases such as diabetes and obesity, the aging population may continue to signal a health care crisis. Therefore, this is really important time for Americans to consider these demographic changes as well as the health and behavior outcome for this population. One of the
Another proposal would be to include new state and local government workers in the system (Kubarych, 2004). Medicare and Medicaid Medicare and Medicaid were formally enacted as amendments to the Social Security Act in 1965. These programs guarantee health insurance for the elderly and the poor. The Medicare program covers most persons age 65 or older and consists of four related health insurance plans, a hospital insurance plan, a supplementary medical
Thus, on the one hand, this has to include enticing photographs that display characters having similar age and problems and, on the other hand, it has to make use of key words like "experienced" and "mature" that are able to outline the high value that the employer assigns to this generation (http://www.entrepreneur.com/tradejournals/article/73555094_4.html). A second challenge that contemporary companies encounter due to the changing demographics is diversity. Up-to-date researches have revealed
This is because the current system, is not addressing the underlying challenges of: increasing demand and rising prices. To corroborate the different findings from the literature review a survey will be conducted. This will accurately determine the underlying trends and possible challenges that could be facing the sector in the future (from the increasing number of aging Baby Boomers). Summary of the Findings and their Implications Clearly, the Baby Boomers are
Human Resource Strategy Organizations exist in a rapidly changing environment due to factors such as technological advancements, regulatory shifts, workforce adjustments as well as industry and market changes. To thrive in the long-term, organizations must perceive and adapt to these changes effectively. Human resource management (HRM) is one of the major areas affected by changes in the internal and external environments (Truss, Mankin & Kelliher, 2012). As businesses evolve and grow,