What Will The Baby Boomers Do After Retirement?
Many baby boomers are close to retirement, they should enjoy the rest of their lives having fun and not worrying about anything. Ever since boomers were born, a lot of changes have taken place in each milepost of their life. And now that they are close to retirement, can you imagine that they will stay home and doing nothing?
With their unequaled characteristics, baby boomers were able to redefine and reshape the society as a whole. They certainly made an impact in the past, and will again for the years to come. Many boomers intend to stay in the workforce even after the age of retirement.
Baby boomers incline to make decisions that are different from other generations, and they never outgrew this trait. Now that they are retiring, they are certain will make a big personal decision that are different from others. If they have to choose between retiring or to keep working, a boomer will probably choose the second alternative.
To many old people, retirement is an end-point. But with baby boomers, it’s the turning point of their lives. But this doesn’t mean though that it’s all work. Some of them want to work part-time while others want to put up their own businesses. Some boomers want to have a leisurely time away from busy schedules after many years of working; one way is to travel to other places. This will not be a problem for some.
These individual decisiveness of baby boomers may be of destined outside factors. The baby boomers make up a large portion of the population. If they all retire at once, the workforce will be greatly affected and the government will not be able to handle all claims for benefits. Other factors include:
* because of new technology, boomers can live longer, their resources will not be enough to sustain all their future needs
* companies offering pension plans want to have their plans changed and to reduce benefits; this does not give baby boomers enough time to make savings because they are near retirement already
* medical costs will continue to rise, it even outpaced inflation; from now, many companies are expecting a 10% increase yearly of boomers looking for services or products
The baby boomers are sure to make a different once they retire. They can’t rely on their family for support, especially if their children have a family of their own.
The retiring of baby boomers is not just an issue for the baby boomer, but also for the government. Boomers make up today’s economy. They represent a large percentage of the workforce and they were responsible for the economy’s growth during the 1990s when boomers were at the peak of their spending years and careers. If they all leave the workforce, what will happen to the economy?
The aging and retiring boomers are a lot different from the previous generation of old people. Boomers love vacation homes, cosmetic surgery, skin creams, and other stuff which helps them to stay young. These industries can expect a huge increase on their sales because of patronizing baby boomers.
As baby boomers reach their retirement age, they have to make a sound decision whether to continue working or to simply stay at home and wait for their pension every month. But knowing baby boomers, they already has a well thought-out plan of his future after retirement.
Baby boomers are often seen as individuals who are more on the ‘Me’ side of things. They focus more on their ‘Self’ and not on other people. So if they think that retiring or pursuing another career is best, they will stick to their decision. And no amount of convincing can change that once they have made their mind.