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A boomer retirement bomb is about to blow up America's economy (www.businessinsider.com)

submitted 10 months ago by MicroWave to c/news

210 comments fedilink hide all child comments

The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.

The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America's dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America's wealth — $96.4 trillion.

But there's a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there's significant wealth inequality among retirees — and it's gotten worse in the past decade. Despite holding more than half of the nation's wealth, many boomers don't have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.

As boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.

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[–] Sprawlie 7 points 10 months ago

While generally right here.

they have not been retired for nearly a decade. THEY SHOULD HAVE BEEN. but they've been holding on. How many companies have fossils still leading them?

as someone in my 40's, just before millenials. We were lost because there's simply no way up the ladder to places the boomers refused to vacate. doesn't matter how educated, experienced many of us were, There was a ceiling. We were told "hold your turn. boomers will retire soon"... they're in their 70's and 80's now. My parents included (Thankfully with us). But they're all STILL TRYING TO WORK!

My parents at least DID retire Mostly. MY dad still does some work because to the boomers, work was living. they really knew nothing else.

problem is now the combination of Covid and age, and many of them legit dying while still working, we've got a clusterfuck of an economic problem (here in Canada, we're already experiencing this wave). Immigration, Local resources, and infrastructure is just simply not setup for the mass wave of retirees going straight into either homes, or the ground. We can't import people fast enough to fill all the jobs, and the faster we import them, we can't build homes fast enough to keep the housing in check.

have to get ahead of this 10 years ago sadly. We're too late and we'll all be playing reactionary for the next 20 years in regards to the shifting demographcs.