June 19, 2024

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Retirement of Baby Boomers – The Steps That Can Be Taken By the Government

3 min read

A turning point is marked by college days in your life, by which time, the realization that a degree is vital for landing into a good job would have been attained and after the establishment of career, work must be done for about 8 to 10 hours per day for years together. Being an individual, you not only earn for your own family, but also help in the development of economy of your country.

There was a large increase in population for about 20 years, after the Second World War and the babies born were called as baby boomers. Hundreds of thousands of babies were given birth to and many of them have attained seniority in years, whereas some are just in their 30s and 40s.

Now, many boomers have attained their age of retirement and hence, there will be a very large impact on the country’s economy. In America, preparations for facing this are taking place. They changed their priorities and focused on the economic needs of the country like transportation, housing and health care.

As the boomers are retiring, health care workers are in great demand. Also, there are speculations that nurses and geriatricians will be less in number in the US. The whole country must be capable of meeting these needs. Hence, authorities are designing ways in which people can be lured and made to stay for a long time in health care fields. The federal government has its major focus on preparation of workforce nowadays.

Everyone does not retire at 65. Many people retire before that age is reached and the rest are interested in working. However, the number of boomers, expected to retire must not be ignored. Funding after retirement is something too important to be overlooked.

Life expectancy has reduced in the due course of time. Nowadays, if, at 65, someone retires, another 20 years of life can be expected, by him. If there is no other job he can obtain, his pension will be his only income on which his family survives. Security in the society may be subjected to a very big problem when there is more number of boomer retirees.

No encouragement of any sort is given to boomers to retire from work at 65 or before. The boomers who were born between 1944 and 1950 must wait until their 66th birthday for receiving benefits, while 1950 boomers can expect them even if their retirement is at 70.

Another problem is corporate pension. You might know that a lot of companies are getting bankrupt or reneging plans. The expectations of retirees are uncertain in a system which is so unstable.

The event that all boomer retirees retire on a fine day will be beyond the hands of the workforce. Many fields will be affected due to this. Often, senior individuals will have a lot more to contribute. People who wish to work part-time or flex-time are encouraged and welcomed. The knowledge and experience possessed by the boomers will be very much beneficial to them, their country and also the workforce. Also, care must be taken so that boomers don’t get stuck in jobs that do not use their skills. However, new ways and technology must be open to them for learning.

All seniors are not ones still having the ability to work. They get sick because of their age and also are affected by ailments that make working difficult for them. These are barriers which can stop the boomers from working.

The federal state can not do these alone. The boomers’ communities and families and all states must take a lot of effort and have these plans implemented.

However, an aging boomer should be ready for this, and must not depend on others to take care of him or his family. Members of the family can offer help, however, they will indeed burn out and it will end up in elder abuse. So, boomers ought to adjust their mind sets and prepare for aging, which is looked forward by many people.

As a boomer who is aging, you ought not to have a let down feeling, for the aging process may be an awesome start that can help you lead a meaningful life after retirement.

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