World War II ended. Soldiers came home. Peace. Prosperity. Love was a many splendored thing. For a period of 19 years, all births were recorded with a special membership card. If you were born in the United States on or between 1946 and 1964, you're a Baby Boomer.
In terms of numbers, the U.S. Census bureau says that as of the Year 2000 census, there are 82,826,479 Baby Boomers. Think that's a powerful figure? Consider this: that number represents 30.2 percent of the entire population of the United States. These and other figures used in this article are from the U.S. Census bureau and other sources we can provide upon request.
Obviously, Baby Boomers have and will continue to have a tremendous impact on the economy...not only of the United States, but of the world. Baby Boomers have money, spend, and continue to make more. Unlike our predecessors, few of us plan to stop working at 65. Seventy-four percent say they plan to continue to work "in retirement."
Why is there so much concern about the Social Security well running dry? Seven Baby Boomers will turn 50 every minute until the year 2014. As we grow older and live longer, we push up the median age of the population. In 2000, that age was 35.3 years, the highest in the history of the country. As we reach 62 and beyond, we are eligible for social security benefits. And, by living longer, we'll be collecting longer.
If all goes according to plan, 65 percent of us will continue to live without any change in lifestyle. The balance feel they will have to scale down some and of these, 23 percent think they will have to struggle to make ends meet.
We've always been an independent bunch and we plan to continue our ways in retirement. An AARP survey revealed that 70 percent of us don't want to depend on our children during retirement. We may have a boost from our parents. Cornell University conducted a financial study that revealed that Baby Boomers are in line to inherit in the neighborhood of $10 trillion through 2040. That means, we'll have something to pass along as well. So, maybe that Social Security check won't be as big a part of the retirement plan as it has been to past generations.
What are your thoughts about "retirement"? Continue work? Travel? Charitable work? Will you move or stay where you are? What do you think lies ahead in your future? And, what will your role be with your grandchildren...after all, you are a Grandboomer. Let us know with a note to letters@grandboomers.com. We'll add your responses to our mailbag.
© 2012 Created by Myles Bristowe.
