Baby Boomers Retirement Crisis

Baby Boomers Retirement Crisis

Because of the rise in baby boomers it is now called the ageing America. The main reason is there are several more people in this age category than compared to any other age groups world wide. There is an inevitable retirement crisis that is lurking around the corner.

Research shows that in the next 20 years nearly 43 million households will be entering the retirement phase. Among these at least one spouse is expected to live more than 90 years in half of the percentage of families. This could cause financial constraints for people. This is what is being called baby boomer retirement crisis since retirement income could only give fixed income and this would make it difficult for them to survive through increasing costs. Many people also willingly opt out of pension plans and there is a steady decrease in the number of employers who are paying pensions. At this rate even the Social Security Administration is expected to go bankrupt while sustaining the retirees. This could leave the baby boomers in poverty stricken life and it would be the worst time in their life to face such a crisis.

The worst enemy for the baby boomers after their retirement is the inflation which is rising steadily. They would be in a position where they barely meet their expenses after a point due to inflation. Another problem is along with retirement for baby boomers they are also entering a health hazard zone and very soon they are likely to have several health problems and conditions. By then health care costs would have gone up ridiculously leaving them with no money at all.

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Baby Boomers Retirement Crisis