Nobody downloaded yet

The Effects of Baby Boomers Retiring Will Have on the Economy - Research Paper Example

Comments (0) Cite this document
The Effects of Baby Boomers’ Retiring Will Have on the Economy Name: University: Abstract All through its life, the generation that was born following the World War II (baby boomers) has had a great impact on the workplace, public policy, and the society…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
The Effects of Baby Boomers Retiring Will Have on the Economy
Read TextPreview

Extract of sample "The Effects of Baby Boomers Retiring Will Have on the Economy"

Download file to see previous pages At each stage, of its life cycle, the baby boom generation has changed the market for many products, altered the demand for public services, as well as the nature of the labor force. This paper delves into the effects the baby boomers’ retiring will have on the economy of the United States over the next 20 years. Introduction In the world’s history, baby boomers (who represent 28% of all the United States’ adult population) have been one of the most productive generations. This generation took advantage of subsidized scholarships and school loans from the government, which enabled them to get proper education, which in turn helped them to secure high paying jobs in all sectors of the US economy with tremendous added gains from globalization and newer technologies (Talbott, 2010). Social scientists, analysts, and policymakers have developed a great interest regarding the effects of the retirement of baby boomers on the economy of the US and the nation at large. The year 2005 marked the commencement of the exodus of baby boomers from the labor force. Since then, every seven seconds, a baby boomer attains the retirement age of sixty years, and this process will continue for the next twenty years. These retirements foreshadow a diminution of workplace knowledge as well as knowledge-based experience at a time when such experience and knowledge are more and more vital to the economy of the US as well as to the organizations that comprise it (Beazley, Boenich, and Harden, 2002). Estimates by the Employment Policy Foundation indicate that with baby boomers reaching the age of retirement, by the year 2012, businesses will experience a severe shortage of six million employees, and this number will increase to thirty-five million employees by the year 2030. Slower workforce growth implies that there will be slower rate of growth of the economy, and consequently, the living standards of everybody in the nation will be lower. Essentially, the baby boom generation’s retirement threatens to limit the potential of the economy of the United States, reducing the speed limit on how fast it can grow. Economists projects a considerable decline in the growth of the US economy to 2.2% by the year 2015, compared with a typical growth of about 3.2% during the last forty years (The special committee on aging, 2007). According to Gordon (2005), over the next next twenty years, a great number of baby boomers, roughly seventy million baby boomers, some highly skilled, will start leaving the job market of the United States of America gradually, with only forty million employees coming in. Following this retirement, skill shortages throughout the whole economy will get to critical levels. Woodruff (2011) points out that reports from the Pew Research Center indicate that for the next twenty years, over ten thousand baby boomers will be retiring daily. This retirement will have a remarkable effect on everybody and on all measures of the United States’ economic output (Talbott, 2010). For instance, it will lead to a slowdown of about 0.5% in the growth rate of in the workforce every year from its average 1.6% per annum since 1950-2007. The decline in the growth of the workforce in the United States is an indication that the nation’s labor supply may be inadequate to sustain the standards of living (Jarvik, 1980). The special committee on aging (2007) reports the fact that the aging and retirement of baby boomers will have potential impacts on the economy of th ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“The Effects of Baby Boomers Retiring Will Have on the Economy Research Paper”, n.d.)
The Effects of Baby Boomers Retiring Will Have on the Economy Research Paper. Retrieved from
(The Effects of Baby Boomers Retiring Will Have on the Economy Research Paper)
The Effects of Baby Boomers Retiring Will Have on the Economy Research Paper.
“The Effects of Baby Boomers Retiring Will Have on the Economy Research Paper”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Effects of Baby Boomers Retiring Will Have on the Economy

The Age Gap Between Baby Boomers and Today's Youth

...? Age Gap between Baby Boomers and Young generation There is a wide age gap of around 18 to 36 years between the baby boomers and today’s young generation which is also called as millennial generation. Baby boomers are the people who were born between 1946 and 1964, whereas the millennial generation or young generation is of those people who were born between 1983 and 1993. Every generation has its own cultural values, their views which are tuned to the period they belong to. Both of these generations have to face many difficulties and undergo a lot of problems. Our topic of study is the age gap between...
8 Pages(2000 words)Essay

Effect of retiring baby boomers to US economy

...? Effect of Retiring Baby Boomers to US Economy Effect of Retiring Baby Boomers to US Economy Introduction Aging population is posing a lot of challenges to several countries globally1. This has been the case in most industrialized nations in the world with low birth rates and high life expectancy. Some of the countries facing the challenge of the aging population include Japan, Italy, Germany, China, Mexico, India, the U.K., and the U.S. among others. Research indicates the world’s population is aging very fast such that it has been projected that the elderly people above the age of 65 years will soon outnumber children below the age of five years, which will be a history in the making2. In this regard, it has been projected... digits in...
13 Pages(3250 words)Research Paper

Baby Boomers Retiring

...their own work expectations, and work ethics that are different from those of other generations. The sharing of ideas usually depends on the particular generation. As far as the culture of organizational innovation is concerned, the younger workers have a competitive merit as opposed to the older generation as noted by Venneberg and Eversole (2010). The baby boomers are less risk takers in so far as organizational culture is concerned. They prefer maintaining the status quo. How to Replace Baby Boomer Workers There has been a growing concern about the retiring of baby boomers considering that many of the...
3 Pages(750 words)Research Paper

Minorities/ African Americans Baby Boomers Health Program

...). It is evident that the more people grow old; the high there is chances of them getting prone to various illnesses. The reason behind this fact is that the body tends to become weak as people approach their late life years. The other main reasons that make this group of African American baby boomers include the issue of being poor prepared for retirement. Many of the baby boomers tend to enjoy the opportunity of being employed but unfortunately, a large number of them tend to be poorly prepared for retirement. Many baby boomers found themselves in this problem when they made a poor decision of thinking...
5 Pages(1250 words)Essay


... on the economy, certain occupations and industries is substantial, with most boomers going on their retirement the society puzzles what will happen to the overall economy (Gelston, 2008).Generation Y have the ability to combine the attitude of veterans, teamwork ethic of Boomers and the technology savvy. This generation is a diverse one compared to other generations. A generation that comprises of confident, optimistic young people filled with a sense of value. This is a generation that is socially driven. Reference Gelston, S. (2008, January 30). Gen Y,Gen X and the Baby Boomers: Workplace Generation Wars. Retrieved October 20, 2011, from the...
2 Pages(500 words)Essay

Baby boomers in hotel industry

...Baby boomers in hotel industry of the due: Problems with Baby Boomers in the Hotel Industry The human resource management of the current hotel industries should be keen on issues pertaining baby boomers at the work place. Baby boomers are individuals who are currently day by day turning 60 years and above (Billboard magazine, 2003). They occupy most of the top positions in the work places. This group of individuals poses a serious threat to various organizations in terms of retirement, performance and healthcare issues. Consequently, baby boomers make...
1 Pages(250 words)Research Paper

Rules that the baby boomers rejected Moreso, it was an unnecessary war because America does not have to engage Vietnam in conflict. American involvement in the war was not a matter of security threat but rather an ideological differences with the communist as they attempted to prevent a communist takeover of South Vietnam to contain communism. It was viewed by the Vietnamese instead as a colonial takeover instead of ideological containment and fought American soldiers. It was a costly war for America in terms of human lives and resources. Back in the United States, the war also did not have a popular support from the baby boomer dominated population. The liberal and “hippie peace” environment...
2 Pages(500 words)Essay

Retiring Abroad

...and ravaged many accounts. Many people continue living where they live because of their work. When they retire, they make the ultimate decision of moving to a place where they will feel more comfortable and where their money will last (Knowledge). According to Social Security Administration’s annual statistical supplement, the exact number of Americans retirees receiving social security benefits outside the United States is 350,000. The majority of these individuals are finding their way to countries like Ecuador, Mexico, Canada and the UK (Edwards & Daniels 101). This number is expected to increase with 4 million baby boomers already making plans to retire abroad...
3 Pages(750 words)Essay

Baby Boomers and Millennial

...Relative effects of intrinsic and extrinsic motivational factors on baby boomers and millennial Submission: Introduction Today’s employers have two very different groups of employees to manage. Baby boomers are people who were born after the World War II between 1946 and 1964 (Hudson & Gonyea, 2012). Millennial Generation refers to the demographic group born in early 1980s to around 2000 (Gilbert, 2011). The oldest millennial generation members who are now approaching 30 are taking their place in the workplace. In the meantime, the oldest Baby Boomer generation members are entering career dusk laden...
4 Pages(1000 words)Coursework

Common stereotypes from Boston Baby-Boomers

...Common stereotypes from Boston Baby-Boomers Insert Insert Introduction to Common stereotypes from Boston Baby-Boomers The world has many people who are distinctive in values, norms and behaviors. However, gender age as well as advance in technology gives a greater difference from one culture to another. Subcultures have some significant differences. There are dominant cultures that usually base on economic or social class, ethnicity, or geographic region. However, there are a lot of stereotypes that surrounds subcultures. For instance, there are Common types of stereotype that classifies workers into two groups. That is the younger generation and the baby boomers (Adare, 2005). Baby boomers are individuals born before 1946. First... , there...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic The Effects of Baby Boomers Retiring Will Have on the Economy for FREE!

Contact Us