The Baby Boomers Are Getting Elderly
As baby boomers age, they face a whole new group of challenges and situations from those in their younger years. While the youngest of the baby boomers, the members of what is often known as "Generation Jones", are only in their mid forties, the oldest of this largest of United States generations will begin turning sixty-five this 2011.
Even the youngest of the baby boomers are past the first bloom of youth. A generation that once proclaimed "Never trust someone over thirty" now starts at the age of forty-six. As most of them are still working and will be paying into retirement and Social Security systems for much more years, they too are keenly aware of the implications of their aging generation and its oldest members.
Those in their forties may still be entrenched in child raising especially since it is no more considered unusual for a woman to begin a pregnancy in her 40s. In fact, with innovations in reproductive medicine, it has become achievable for women to have a baby quite a bit past the normal age of childbearing. Many have become financially effective to the degree necessary to afford high tech means of having a child in later life.
Thus, some baby boomers in their fifties and even older may have very young children while most in this age group have kids who are college age or older. For the latter, rising costs of higher education are a perennial concern.
And what of the oldest of the baby boomers? For them, children are mostly grown and gone from the home and their issues surround the quality of their lives after retirement. While baby boomers generally control a great proportion of the national wealth and buying power, that often decreases on retirement incomes.
Many baby boomers have planned well and have portfolios of stocks along with other investments that will provide a comfortable retirement, but other folks either may not have planned well, never made enough to save or invest, or saw their savings diminish in stock market collapses.
As baby boomers age they also face the reality that health and physical abilities may also impair their retirement lifestyles. Additionally, declining health may also indicate increased medical expenses that can be particularly troublesome on a fixed income.
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