Life After the Baby Boomers Retire

August 21, 2008 RSS Feed Print
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All of the baby boomers will be age 65 or older in 2030. At this point, 1 in 5 U.S. residents will be solidly in the gray-hair-and-creaky-joints category.

The number of citizens ages 65 and older is expected to double from 38.7 million this year to 88.5 million in 2050, the U.S. Census Bureau projects. And the 85-and-older population is expected to swell to 19 million in 2050, triple the 5.4 million in that category today.

Meanwhile, the percentage of the population between the "working ages" of 18 and 64 is projected to decline from 63 percent to 57 percent in 2050.

Of course, all baby boomers won't retire at age 65. Although most people today retire at age 63, numerous surveys have found that many baby boomers will need and want to work past age 65. I recently asked several retirement experts to name an ideal retirement age for baby boomers to shoot for. Most told me at least 66 and preferably age 70 or older. And there seems to be a growing interest in part-time work and interesting new opportunities. On the other hand, some boomers will likely find themselves unexpectedly retiring younger than they had planned.

Tell us, what do you think life will be like after all the baby boomers reach age 65?

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retirement,
baby boomers

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It’s stunning Goodwin thinks his age cohort will be missed. You're a soft, narcissistic age of philosophers. There are so many of you that you’ve been able to co-opt the best ideas of your predecessors and sell them as your own.

What were the defining ideals of your youth? Civil rights? MLK - Silent Generation. Sexual Revolution? Hugh Hefner, Betty Friedan, Gloria Steinem - all Silents. Consciousness movement? Timothy Leary - WW2 generation. Networking and the internet? Donald Davies - WW2. Environmental movement? Six of the first seven heads of the EPA were Silent generation. Disco… That was all you.

Your contribution to America was a culture of self fixation. You are the first generation to have fewer children than parents. You had kids when the pill and Roe v. Wade failed. You grew up on Leave it to Beaver. Your kids grew up on Damien Omen. The cultural bias shift is obvious. Your neglect of the latchkey kid created a more self reliant and pragmatic age cohort – good thing too. Social Security is welfare (you pay for someone else) not an investment. You’re late life leisure will be subsidized by the very kids whose youth you misspent. Perhaps it serves you right that the person who will provide your long term care in late life will not speak English as a first language.

You must have something to show for it. Your competitive consumption that drove the evolution of the dual income household, rampant credit abuse and use of homes as periodic refinance ATMs must’ve given you more than the title of the primary practitioner of the no fault divorce. Even if it didn’t, could you have already squandered the largest intergenerational transfer of wealth with the passing of the WW2 heroes to the point where you can’t retire in comfort?

Here's you're real legacy... You were born at the beginning of the great American prosperity boom. You didn’t earn it, you didn’t create it and you failed to maintain it. Your parents invested in education, arts, math and science for your benefit. When you came of age you opposed reasonable taxes that would’ve provided the same opportunities for your progeny (a generation that was about half your size). Growing up after you was something like attending Disneyland after every attraction has been trashed and given a brand name according to the highest corporate bidder. You’re a Baby Boomer. You can consume everything, imagine anything but produce next to nothing of value. Congratulations!

I’m excited to see guys like Goodwin leaving the occupational and cultural stage. They’ve done enough damage. It’s time for a more pragmatic and self reliant age cohort to begin repairing the fabric of America. However limited my experience base, I am not the reason we are in this “whole” (yeah, that’s a brilliant example of Goodies Ivy League Education shinning through) as a nation. You guys did that one on your own…

Jack Thomas of OR 8:43PM February 18, 2010

theres less experienced people in charge now and no education. just like all the airplanes crashing because theres kids running the radar towers and there not educated enough and have no experience. one reason this country is gone into the whole is because of the baby boomers leaving it all up to us. didnt transfer this country over to us young folks properly. i said only 1 reason! OB 08

will goodwin of FL 12:12AM September 23, 2008

theres less experienced people in charge now and no education. just like all the airplanes crashing because theres kids running the radar towers and there not educated enough and have no experience. one reason this country is gone into the whole is because of the baby boomers leaving it all up to us. didnt transfer this country over to us young folks properly. i said only 1 reason! OB 08

will goodwin of FL 12:12AM September 23, 2008

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