Being a member of the first official year of the Baby Boomer Generation I have heard for years about how we were going to break the Social Security and the Medicare systems due to the sheer number of us. Most of the articles you read have us all moving to Florida or Arizona to live out our years playing golf or bridge. I think they have us mixed up with the G.I. Generation ahead of us.
The Baby Boomer generation is defined as those of us who were born between 1946 and 1964, the result of a population boom after World War II. The oldest will be 70 next year, the youngest 52. Most of us think we were very,very lucky to have grown up in the greatest generation ever. The analyst that sits in some little office and dreams up the statistics has it all wrong.
Boomers don't think that the normal idea of retirement is cool. It doesn't fit our image or our lifestyle. Baby Boomers redefined each stage of life as we experienced it. No other generation had more influence on fashion design or hair length. We influenced education, music, race relations, sex-roles and child rearing in a larger way than any other age group. Boomers will change what we know about old age. We don't consider ourselves senior citizens but rather Vintage. Classic. Resilient. Fun.
Here are a few statistics:
Boomers are more educated and occupied more professional and
managerial positions.
They are more racially and ethnically diverse.
Boomers have a higher rate of separation and divorce and lower rates
of marriage.
They had fewer babies. Boomers were 40% of the population in 1964
and 20% in 2014.
They had varied work histories and worked for more of their adult years
than previous generations.
Boomers were not great savers and were hardest hit by the 2008
recession. A recent survey by Merrill Lynch found that nearly 80%
of boomers intend to keep working.
Boomers will not only enjoy a longer lifespan but a healthier one.
Interesting statistics with really interesting reasons. The reason for Boomers working longer is in part financial but is also due to the fact that many of the boomers chose a career that made them a good living but have created a new one doing something they always wanted to do.
Great time to open a bakery, become and artist or a writer, work part time in a bookstore or some other place of interest or teach others on what they have learned in their lifetime. Retirement means doing what you like to do - not what you have to do.
Surprise! Boomers will enjoy not only a longer lifespan but a healthier one. The age-adjusted death rate for heart disease was 67% lower in 2005 than it was in 1990. The age-adjusted death rate for stroke has declined 74% since 1990. This suggests that many Boomers may be aging more slowly than previous generations. It also points to the fact that they have healthy habits such as less smoking and exercise even if they started later.
As much as retirement places in Florida and Arizona are promoted, most of the Boomers will remain in their homes or downsize to urban lofts or condos. This is a group who always wanted to be where the action was and the urban setting gives them all the cultural amenities usually with in walking distance. Interesting fact that the current hottest spot for retirees is Oxford, Miss. Oxford, a college town, offers a huge variety of things to do including golf courses but also rock concerts and plays. The free spirited and social cause orientated Baby Boomers will stay engaged and have a great time.
So, now you have a few facts about the Baby Boomers. Chances are that we will not make the "entitlement" programs such as Social Security and Medicare go broke and it definitely be fun to prove them all wrong.
Why is the Baby Boomer generation so very lucky? Tune in next week to find out why. Please feel free to send me your comments - good and bad.
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