Those who were born in the United States between 1946 and 1964 are known as baby boomers. The baby boom is defined as having occurred during the peak years of this roller coaster ride: its legacy was a population bulge destined to leave its imprint on each phase of the life cycle (MacUnovich). Baby boomers represent the largest generational birth cohort in United States history, making about 76.5 million in total (MacUnovich). Though there is no definitive answer, some effects that were stated to attribute the birth increase during the baby boom generation, were the antiwar movement, an increase in crime rates, and the development of the women’s movement (Kirszner). The baby boom generation is often characterized as a generation of optimism,
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Despite the faltering economy, American seniors are richer than ever. According to a 2012 report conducted from the Federal Agency Forum, the amount of senior citizens living in poverty has declined from 15 percent to 9 percent, while the bulk of older Americans enjoying a higher income increased from 18 percent to 31 percent (Sightings). These demographic changes will have both macroeconomic as well as microeconomic impacts. With less people of the working age, wages will rise as employers fight to keep the small pool of labor available to them. This would also imply that the unemployment rate should decrease and be fairly low. However taxes will have to be high to be able to pay for all the services the baby boomers will need from the government pensions and health care. Because so many baby boomers are growing older, they are also developing health problems. This means there would be more health working job positions for every type of health related position. Thanks to the baby boomers, regardless of the economic turmoil in the United States, there would be a high demand of employees in every area of health …show more content…
Baby boomers will have a different approach of retirement age. The economic side of retirement is a particular concern to policymakers of today. Big changes will be due to the fact that the ratio between the number of working people to the number of retired people will change dramatically Baby boomers grew up in a very different era that those who are current retirees. Originally, social insurance in the form of Social Security benefits has played a major role of income support for the elderly in the United States. It is stated that because Social Security benefits are programmatically linked to marital and earnings histories, baby boomers may be affected by the social, demographic, and labor market changes have transformed retirement expectations for the baby-boom cohort. Results suggest that baby boomers can expect higher incomes and lower poverty rates at retirement than current retirees have. Similar to the current retirees, Social Security will account for about two-fifths of the projected family income at age sixty-seven and will be received by almost all baby-boomer retirees. As a result five percent of current retirees and only two percent of baby-boomer retirees will receive supplemental Security Income
Despite the faltering economy, American seniors are richer than ever. According to a 2012 report conducted from the Federal Agency Forum, the amount of senior citizens living in poverty has declined from 15 percent to 9 percent, while the bulk of older Americans enjoying a higher income increased from 18 percent to 31 percent (Sightings). These demographic changes will have both macroeconomic as well as microeconomic impacts. With less people of the working age, wages will rise as employers fight to keep the small pool of labor available to them. This would also imply that the unemployment rate should decrease and be fairly low. However taxes will have to be high to be able to pay for all the services the baby boomers will need from the government pensions and health care. Because so many baby boomers are growing older, they are also developing health problems. This means there would be more health working job positions for every type of health related position. Thanks to the baby boomers, regardless of the economic turmoil in the United States, there would be a high demand of employees in every area of health …show more content…
Baby boomers will have a different approach of retirement age. The economic side of retirement is a particular concern to policymakers of today. Big changes will be due to the fact that the ratio between the number of working people to the number of retired people will change dramatically Baby boomers grew up in a very different era that those who are current retirees. Originally, social insurance in the form of Social Security benefits has played a major role of income support for the elderly in the United States. It is stated that because Social Security benefits are programmatically linked to marital and earnings histories, baby boomers may be affected by the social, demographic, and labor market changes have transformed retirement expectations for the baby-boom cohort. Results suggest that baby boomers can expect higher incomes and lower poverty rates at retirement than current retirees have. Similar to the current retirees, Social Security will account for about two-fifths of the projected family income at age sixty-seven and will be received by almost all baby-boomer retirees. As a result five percent of current retirees and only two percent of baby-boomer retirees will receive supplemental Security Income