The time has finally arrived for the starting of the baby boomers retirement. The first cohort of baby boomers is reaching 65 and the standard retirement age. Through the financial success of this generation, many have been able to take even earlier retirement with IRA's and 401K's and other savings making it needless to wait for eligibility for Social Security benefits or to rely on it as their sole retirement income.
For all those who are not as lucky who will depend mostly on their Social Security benefits, there have been some changes. Younger baby boomers will not become eligible for Social Security at 65 but will instead need to wait an additional year or years based on when they were born delaying their baby boomers retirement. Congress is considering raising retirement age for everybody, but it's not clear if this would be applied to baby boomers.
Some societal commentators are now beginning to refer to aging baby boomers as "Golden Boomers." This references both maturity as a "golden age" and the idea that a few of the most successful boomers have huge retirement benefits from their organisations. This group will enter baby boomers retirement, with their income and spending abilities largely unchanged and even increased as their children are grown and no longer dependent and their homes may be paid for.
For some Golden Boomers, the gold turned to brass when dropping stock prices decreased the value of their retirement accounts. For them, retirement will mean living in greatly decreased circumstances and this will negatively effect American economy.
All baby boomers who are retiring will face the issues common to all with aging. Although health care during their lives has considerably enhanced the chances for a longer and healthier life, it comes at a huge cost. Baby boomers retirement may mean very real fears about being able to afford the health-care they require for a good quality of life.
Retirement for baby boomers also means psychological changes. After working for a lifetime, adapting to a life style of leisure might be hard and many feel they lack a sense of goal. For others, financial and physical realities may mean that they are unable to enjoy the activities they had desired when their working days were over.
Baby boomers retirement signifies a huge effect on USA since the numbers of the generation are very large. About 77 million people make up the baby boomers and the changes in their health and economic status will place some burdens on younger generations. But, baby boomers are on the whole well educated and resourceful. With these tools they are expected to adapt and flourish in retirement.
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