The United States And The Retirement Of The Baby Boomer Generation

1175 Words Feb 1st, 2015 null Page
The United States and countries around the world are facing a new challenge with the looming retirement of the Baby Boomer generation. As this generation approaches retirement, the United States will have to overcome many factors to align the financial cost of providing SSI benefits, Medicare and Medicaid. The grown in Medicare eligible individuals is projected to out- number to projected workforce of individuals between the ages of 16-65 by 33 %( Wiener & Tilly, 2002). In addition this will result in fewer individuals paying taxes to support state and federal programs aligned with the current system. Couple that will the change in life expectancy, increased demand in long term care facilities, management of chronic conditions, shortage of healthcare professionals, increased cost of health care services, insignificant planning of retirement income, decline in skilled workforce the current system will not be able to meet the expectations. Also, the systems original design allowing an individual to receive benefits after only contributing 10 years (or spouse contributing for 10 years) ensured the resources to meet demand. As a result, the current SSI, Medicare and Medicaid system is ill prepared for the influx of new beneficiaries.

The baby boomer generation is approaching retirement. Individuals born from 1946 to 1964 are leaving the workforce yet they represented a historic surge in the workforce, higher standard of living, increase in college enrollment and an…

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