Baby Boomers
Baby Boomer Statistics on Birth, Retirement and Empty Nestling
The baby boomer generation plays a significant part in almost every aspect of today's America. They made an impact to every age cluster they get to belong. Baby boomers have the diverse potentials that uplifted their group in history.
Fast statistics show that the fifty plus age group of baby boomers are earning roughly two trillion dollars, in control of more than seven trillion dollars of wealth and own 77% of financial assets in United States. That is not all, baby boomers also grip 50% of the discretionary powers in both government and private organizations.
Baby boomers are interesting subjects to tackle-their power to do, their immense abilities and their emotions. And since the baby boomer generation is now ranging at the age of 42 to 60 years old, they are facing the issues of retirement. It is fascinating to discover how baby boomers envision their old age, their retirement plans and the thought of being empty nesters.
Empty nesting is the period in parents' lives when their children start moving out to live their own lives. Sadly, aging parents are left by themselves, reviving the scenarios when they were just starting out a family as well. The difference is that they have consumed the energy and youth they used to be abundant of. While the baby boomers have a range of emotions toward empty nesting, they are most likely to play the brand name for them-the independent generation.
Furthermore in the poll conducted for baby boomers, the following are some key points which were uncovered:
Considering the statistics of birth of baby boomers, the name of their generation was derived from the explosion of birth right after the World War II. At the span of the baby boomer years, roughly seventy-six million Americans were delivered to the earth. Currently, the population of baby boomers occupies twenty-eight percent of the whole populace in United States.
Specifically by the year 1957, an estimated 4.3 million of babies were born in America. The number has outstood any other year before it.
On the issue of retirement, baby boomers view this stage on its brighter side. Accordingly, most of the baby boomers plan to pursue a career after their previous career. Being involved in sole proprietorship or any self employed business is the popular choice. Seventy-five percent envision their retirement as the chance to devote leisure time with their children and grandchildren. This will result to more domesticated adults. However, of this poll, seventy-four percent feel freer upon retirement while fifty-seven percent claimed that they will only be freer when they become empty nesters.
More than half of the baby boomers are confident that they will have enough money for leisure when they already retire. This means that less than half of them are not certain if they will live a comfortable life after retirement. These statistics greatly affects the issue on the empty nesting emotions.
When questioned about parenting, 71% of the baby boomers responded positively. For these baby boomers, parenting was a challenging task that marked many wonderful experiences for them. That is why when the empty nesting stage comes, baby boomers are more emotionally prepared. This is illustrated in the positive feedback of the 58% baby boomers who are readying for the time when their kids had to leave their territory for good. In parallel, a surprising twenty-six percent feel like they would be closer to their better halves when their kids are gone.
The older the baby boomers are, the more emotionally stable they become. Most of the oldies in this generation have been ready to clear the nest. While the large percentage states a neutral emotion, baby boomers are more likely appreciative of freedom that they will soon be enjoying.
For seventy-four percent of baby boomers, they have proven to be good role models for their children. And forty percent of the aging baby boomers foresee that there will come a time when their children would still cling to them. Since baby boomers are characterized by being independent, only twenty-eight percent view their old age like their children would be charged for the rent.
Indeed, baby boomers play significant roles in the society. It is their age that introduces the value of optimism and self sufficiency.
Baby Boomers Related Articles
How US Economy will Sustain upon Retirement of Baby Boomer Generation
The Baby Boomer generation is a demographic term for the Americans born somewhere in between 1946-1964. Based from a 2000 United States census, the Baby Boomer generation holds the population of roughly 83 million. To date, baby boomers range from 42 to 60 years of age. This means that the baby boom generation is on its way to exit the labor force of the country.
Baby boomers are offsprings of a healthy, erudite and bounty living. Because of this, they have reshaped the perspective of growing old by reinventing themselves to pursue a new passion.
Because of the distinctive characteristics of baby boomers, they have caught much attention and are the subject of studies and surveys. As for one thing, baby boomers belong to an influential generation that significantly affects the economy of the United States.
In an investigation conducted to find out how baby boomers foresee retirement, here are some of the key findings:
For baby boomers, retirement is an opportunity to devote themselves to the family and to enjoy their leisure time by pursuing their interests and hobbies. However, they view retirement as a chance to empower their skills and find another career apt for their age.
Baby boomers seek for both personal and career fulfillment that this becomes a driving force for them to prepare and plan for retirement. They cling to social security by accessing health and life plans.
Baby boomers yield an optimistic generation with conservative financial expectations.
So compared with their parents, baby boomers are far likely to be continuously working while enjoying their leisure. Comparatively, baby boomers made more money than their parents.
Tracing back to the annals of American history, the US economy has predominantly prospered since the baby boomers matured to enter the labor force. Historically, they are considered to be the prime source of the work force. But now that there is the expected demographic declination of baby boomers, the Unites States Bureau of Labor Statistics prospects labor shortages that must be remedied all at once. Otherwise, this will inflict dire consequences to the economy.
However, there are some solutions to address the foreseen labor shortage by targeting the other variables that affect the demographic landscape. Organizations and companies can consider retaining the older workers, correcting the gender imbalance in work designations, outsourcing and hiring immigrants.
Since the baby boomers entered the labor force, the US economy has grown faster than its overall population. And the impending decline in the participation of baby boomers to service will reflect to a slower rate of labor force growth as well as to the economy.
To make up for the threatening flux of baby boomers' contribution to work force, they must be encouraged to remain in service for a longer span. To encourage the aging baby boomers to stay in the labor force, companies and organizations should consider the following:
In the years to come, age retirement of the recipients of Social Security pension shall eventually be raised to 67 for the baby boomer generation. With this attraction, baby boomers will likely to continue working over the age of 66 to avail full benefits of their pension.
The next course is defining the pension privileges that will offer more pay for those who stay longer in the work force. Instead of the specific age requirement, the span of work as the basis for the Social Security pension will encourage the aging baby boomers to work longer.
Since baby boomers enthusiastically prepare for their retirement, these offers will boost their will to stay in the labor force. The aforementioned courses will render mutual benefits for both the companies and the baby boomers.
As the company understands the effect of the baby boomers' retirement, they can thoughtfully prepare the upcoming adversities to the labor rate. These companies and organizations involving the baby boomers must start their investigation on how to customize their system to accommodate the aging employees. And they can find better alternatives to ride the crest of the demographic wave caused by retiring baby boomers.
And learning the distinctive characteristics and views of the baby boomers towards retirement is a good strategy to learn how to deal with the circumstances.
Baby Boomers Related Articles
This website uses cookies that are necessary to its functioning and required to achieve the purposes illustrated in the privacy policy. By accepting this OR scrolling this page OR continuing to browse, you agree to our Privacy Policy