Effect of retiring baby boomers to US economy - Research Paper Example

Comments (0) Cite this document
Summary
Effect of Retiring Baby Boomers to US Economy Name Institution Course Date 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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.8% of users find it useful
Effect of retiring baby boomers to US economy
Read TextPreview

Extract of sample "Effect of retiring baby boomers to US economy"

Download file to see previous pages In this regard, it has been projected that the world will have about 1 billion elderly people by the year 2030, which accounts for about 33% of the world population3. As earlier stated, the U.S. is one among the countries facing the challenge of an aging population. This is because its population has been aging very fast though as fast as that of Japan. Research indicates that the U.S. aging population increased to 13.1% in 2010 up from 8.3% in 19504. The growth is projected to reach around 19.9% by 2030 and 21.2% by the year 2050. However, the research also found out that as the aging population continues to increase, the population consisting of children and the working class will decline in a few decades to come. Projections suggest that the U.S. aging population will increase by double digits in the next forty years. In this regard, the elderly age group above 65 years will increase to about 88.5 by the year 2050 up from 40.2 million in 2010. The United States is currently worried with the rate at which the aging population is increasing. This is because it implies that it will soon retire many baby boomers that have been very important to the U.S. economy5. In this regard, many U.S. citizens including economic analysts in the country claim that retiring baby boomers might adversely affect the U.S. economy being that it is currently struggling to recover from recession. However, not everyone is of opinion as some are skeptical arguing that retiring baby boomers may not affect the economy in a negative way. Baby boomers are basically those born between 1946 to about 1960s6. Mathematically, people born during this time are approaching their retirement age as per U.S. labor laws where the retirement age stands at 65 years of age. Mckinsey Global Institute reveals that the latest census report on America’s population found out that there are about 78 million baby boomers in the U.S. born somewhere between 1946 and 19647. This implies that a very huge number of baby boomers are likely to be retired in the near future, something that will most likely affect the economy in one way or the other. The objective of this paper is to examine the impacts that retiring baby boomers may have on the U.S. economy. To begin with, retiring baby boomers will impacts on the U.S. economy in different ways both positively and negatively. Currently baby boomers form the majority of workforce in the U.S. In fact, the baby boomers have contributed greatly to the growth of the United States something that cannot be denied8. This is evident from the kind of development that the America has experienced since 1946 to date. Research indicates that the American baby boomers numbering about 79 million according to a census report have earned huge amount of incomes, created wealth, which in turn spurred economic growth9. Therefore, retiring this population will most likely leave a big vacuum in the workforce, as there will be a reduction in the skilled workforce to help restore the economy of the U.S. to where it was before the financial crisis of 2007/2008. However, since the U.S. economy is still struggling to recover from the recent financial meltdown, retiring baby boomers may worsen the situation according to some economic pundits. This is because there will be little expertise to help in revamping the economy ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Effect of retiring baby boomers to US economy Research Paper”, n.d.)
Effect of retiring baby boomers to US economy Research Paper. Retrieved from https://studentshare.org/macro-microeconomics/1403806-effect-of-retiring-baby-boomers-to-us-economy
(Effect of Retiring Baby Boomers to US Economy Research Paper)
Effect of Retiring Baby Boomers to US Economy Research Paper. https://studentshare.org/macro-microeconomics/1403806-effect-of-retiring-baby-boomers-to-us-economy.
“Effect of Retiring Baby Boomers to US Economy Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1403806-effect-of-retiring-baby-boomers-to-us-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Effect of retiring baby boomers to US economy

The Effects of Baby Boomers Retiring Will Have on the Economy

...? The Effects of Baby BoomersRetiring Will Have on the Economy 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. This generation of approximately seventy-five million children was born in the period between 1946 and 1964. Today, the United States has a baby boom generation of about eighty-three million, comprising of those born in other countries but are now living in the US. At each stage, of its life cycle, the baby boom generation has changed the market...
12 Pages(3000 words)Research Paper

Baby Boomers Retiring

...new employees and the cost of training the new workforce. In order to replace the retirees, organizations might be forced to invest a lot in the training of new workers as noted by Peschard-Sverdrup and Center for Strategic and International Studies (2008). Similarly, organizations might be required to restructure their work positions by use of technology. This will enable the use of less physical effort in jobs which need more energy in order to compensate the retiring baby boomer generation according to WetFeet (2008). Another way of replacing the baby boomer retiring workers is through employing...
3 Pages(750 words)Research Paper

Minorities/ African Americans Baby Boomers Health Program

...Minorities/ African Americans Baby Boomers Health Program Target Group: Minorities/ African Americans Baby boomers represent the largest part of the American population. This group represents about more than 77 million people where 71 million tend to approach their retirement period. African Americans tend to present the largest number of baby boomers as they current hold a 12 percent of all the baby boomers. A number of various demanding issues are affecting the African American baby boomers, which tends to make the group different from others. Some of these demanding issues include high cost healthcare services. This is because most of these baby boomers require more health care services as they grow old (Miller & Wyllie, 2006... ). It is...
5 Pages(1250 words)Essay

Boomers

... 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 CIO.com: http://www.cio.com/article/28475/Generation_X_Stepping_Up_to_the_Leadership_Plate... 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

...Baby boomer’s protest The term baby boomers was coined after the Second World War when more babies were born in 1946 than ever before (history.com). This began the “baby boom” and from then on, that generation from 1946 to 1960 was characterized as the “baby boomers”. The baby were known as the protest kids, the anti-establishment rioters who are known for their liberalism in the 1960s (Gonyea). Their anti-establishment attitudes were not necessarily bad because it brought permanent changes in our society. Among the things that the baby boomers...
2 Pages(500 words)Essay

The effect of immigration on US economy

...growth of United States. Immigration helps in increasing the revenue base of the US government. Anderson (24) explains that the presence of immigrant workers in the US labor market leads to the collection of approximately 1.6 trillion US dollars per year (Davies, 379). The government may use this money to develop its economy. The government can spend this type of money on security, defense, labor, foreign relations, etc. However, Miller (13) argues that despite this contribution to the economy of United States, the Native Americans do not benefit. Of this amount, a large...
6 Pages(1500 words)Essay

The effect of immigration on US economy

...The Effect of Immigration on US Economy Statistics show that in December there was about 11 million immigrant who were illegally living in the United States of America (Nwosu, Batalova and Auclair 67). These immigrants are believed to be arriving annually from countries like Mexico, Africa and Middle East countries. Immigrants from Mexico are considered the largest source of illegal immigrants. Most of these immigrants entered US without proper inspection procedure while others who were temporarily admitted extended their date of stay. Recent research revealed that on the year 2008 August and July 2008 there was a decrease of 1.3 million immigrants in the...
5 Pages(1250 words)Essay

Baby Boomers and Millennial

...stress that their parents experience from long hours at the workplace (Gilbert, 2011). On the other hand, boomers take pride in what they have achieved such as building careers and starting families. They are a restless bunch that wants more in their careers and desire to convey their wisdom to the new generation. They also want to reduce their work lives and retire satisfied that they accomplished what they embarked to do (Hudson & Gonyea, 2012). How to motivate baby boomersBaby boomers comprise more than a quarter of the US workforce. It is essential that organizations must understand these employees and ways to...
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 Effect of retiring baby boomers to US economy for FREE!

Contact Us