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Just how many baby boomers Are There?
Happy Birthday to my oldest son Adam Ashley Parenti Born 10/02/1973 – 36 Years Old
Happy Birthday to my 2ND Son Joshua Jeremy Parenti Born 03/21/1976 – 34 Years old
Happy Birthday to my oldest Daughter Chantel Shalene Parenti Born 02/14/1979 – 31 Years Young
Happy Birthday to my 2ND Daughter Janay Lanette Parenti Born 12/31/1980 – 29 Years Young
Happy Birthday to my 3RD Daughter Coleen Nicole Parenti Born 02/08/1984 – 26 Years Young
Happy Birthday to my 3RD Son Zebulun Isaiah Parenti Born 01/29/1986 – 24 Years Young
Happy Birthday to my youngest Son Elijah Zachariah Parenti Born 09/11/1988 – 21 Years Young
The coming retirement of the baby-boom generation a demographic time bomb for the nation’s workplace?
Many futurists think so. They warn that employers are unprepared to lose the boomers, those 76 million Americans born between 1946 and 1964 who have changed society, for better or worse, at every step of their lives.
Boomers make up a third or more of the nation’s work force. They fill many of its most skilled and senior jobs. And thanks to near-workaholic habits, they are among the most aggressive, creative and demanding workers on the market.
“Baby boomers are going to be retiring in droves starting with the end of this decade,” says Arlene Dohm, an economist with the Bureau of Labor Statistics in Washington, D.C. “There are certain industries and professions that are going to be hit very hard.”
But to others, the much-discussed and often-feared boomer retirement is the Y2K computer bug all over again — a catastrophe that never happens, a much-feared event that America passes by with not so much as a speed bump.
This camp holds that the free-spending boomers haven’t saved enough to quit, and, besides, they’re too work-obsessed to leave before they have to be carried out. Moreover, increased immigration will ease any worker shortages, and new technology will eliminate the need for some of today’s workers.
Uncertain future
Which is correct? Nobody knows. Although those on the leading edge of the boomer generation are 58, just four years shy of being able to collect Social Security, nobody knows for sure what boomer retirement will mean for employers and employees. The graying of the boomers could go smoothly or disastrously or anything in between.
If you think it doesn’t affect you, think again, says University of Michigan economist Robert Willis. Everything from the financial health of countless companies to the solvency of Social Security is at stake as boomers retire in coming years.
“These are literally trillion-dollar questions,” he says.
Start with the numbers. About 76 million people were born in the United States between ’46 and ’64. But only 46 million more are coming along in Generation X, which follows the boomers. That gap is one of the things work-force planners worry about.
Traditionally, most people retire in their early to mid-60s. If that holds true, between 2008 and 2020 tens of millions of people will leave the work force. Will there be enough replacements coming along to pick up the slack?
Maybe not. Up to now, many corporations have been shedding workers as fast as possible. But in a few years, those same employers might be hard-pressed to find replacements for the boomers.
Consider nursing. The average registered nurse, or RN, in America today is a little older than 45. Those nurses will be retiring just as demand for medical skills soars to treat America’s aging population.
Some professions, such as teaching and government work, saw waves of hiring in the 1960s and ’70s, and masses of those workers are already retiring. Others, such as commercial aviation, have lots of middle-aged employees because of union seniority rules that protect the more experienced workers from layoffs. Many of those workers will be leaving soon, too.
The federal Bureau of Labor Statistics has identified a range of professions expected to be hardest hit by boomer retirements. Among them: airline pilots, special-education teachers, industrial engineers, management analysts and photographers. But those are just a few among dozens.
Longer working careers
Yet not everyone is worried about a mass exodus. Immigration is running higher than expected, injecting new recruits into the work force. Productivity gains have eased the need for new hires. Some companies would probably be just as happy to trim their payrolls through boomer retirements.
Moreover, anxieties about their retirement savings have kept some seniors working longer than economists thought they might. A decades-long trend toward early retirement began to reverse in the late 1980s, and that appears to be continuing.
Mark
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Bruce Beuchler
December 27th, 2009 at 2:26 PM
I know this is really boring and you are skipping to the next comment, but I just wanted to throw you a big thanks – you cleared up some things for me!
December 28th, 2009 at 7:07 AM
@Harold Melching,
Your Welcome
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December 28th, 2009 at 10:34 PM
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December 29th, 2009 at 3:56 AM
@Donald Ashbrook,
Thank You very much for visiting and commenting
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Gary,
December 30th, 2009 at 9:59 PM
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January 2nd, 2010 at 5:42 AM
Great Post! I love to read articles that are informative and beneficial in nature. Thank You for sharing your knowledge.
January 4th, 2010 at 12:32 AM
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January 5th, 2010 at 6:07 PM
@Merry Hachting,
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January 5th, 2010 at 6:09 PM
@Baby Boomers Generation X,
Thank You for the comment.I appreciate you visiting Pyradom.
January 7th, 2010 at 1:49 PM
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me.
January 8th, 2010 at 9:03 AM
@Bruce Beuchler,
Yes of course I will be updating this..Thanks for your comment.
Gary,
January 18th, 2010 at 4:18 AM
Interesting, did you plan to continue this article?
Thanks
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January 25th, 2010 at 4:36 PM
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January 31st, 2010 at 1:38 PM
Lols… some how funny but real stuff. BTW: I like your conclusions ;)
.-= SEO Process´s last blog ..What is Web 2.0? an Introduction =-.
February 6th, 2010 at 3:46 PM
Great article. I agree. The aging of the baby boomer generation will result in a massive change to the work place.
In addition, the recession is taking a toll on the baby boomer generation. I can say that because I am slightly older than that generation. But I don’t feel that old. And I have found a way to transition from corporate America.
Yes, many have seen their retirement savings hurt by the recession – the stock market crash and falling home prices. But I feel that most who have been hurt will recover.
Most are well educated, aggressive, and creative. Many have had successful careers. They are also accustomed to giving – giving to help others.
Many will find the work from home, internet network marketing industry as a great alternative for utilizing their abilities and helping others. Others will keep working or find other ways of earning income. Either way, I know they will succeed. Thanks for the article.
.-= Scott Hubbard´s last blog ..Baby Boomers Concerns Keep Them Working =-.
February 28th, 2010 at 4:27 PM
No doubt many boomers are giving the Internet a try. But being successful at it is a whole different kettle of fish. One needs training from people who have been there and done that and one has to stop getting caught by information overload. Having a coach will help keep you on the right track.
May 25th, 2010 at 1:02 PM
My grandpa is also a Baby Boomer and we love him a lot.-**
July 28th, 2010 at 3:21 AM
as for my retirement, i plan to retire on an asian country and live a quiet and simple life.;.~