Baby Boomers and the Retirement Crisis

Baby boomers currently constitute a massive proportion of the developed world today. As many as one fifth of North America are baby boomers. As we live longer and are able to exist far longer than we ever did due to great advances in medical care, the demographic that outlines our national statistics is somewhat skewed.

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what constitutes a baby boomer?

Broadly speaking there are two categories into which you can fall if you are to be labelled as a BB. Firstly, if you were born any time during the decade following WW2 (1946-1955), you fall into the first category of baby boomer. The next stage covers all those who were born between 1956 and 1964. I am a baby boomer facing retirement! The twenty years that shaped much of the developed world from the mid-forties to mid-sixties was when a significant proportion of today's living population came into being.

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Why the label -1

Baby boomers, especially the lot born into the second stage (1956/64), are said to be different to previous generations as they experienced freedoms their parents never did. Attitudes to world events were changing, music became a huge influence, drugs and other hallucinogens took a hold, the seat of power shifted. A lot of people were no longer willing to settle for once had been their lot. 'The American Dream' had been sold to millions who saw their future as being in their own hands.

Why the label - 2

Baby boomers, Americans especially, have been classified as contributing greatly to the spike in the graph showing the birthrate increase during the 18 years following the demise of WW2. All those millions and millions who have grown, worked hard, and prospered, have faced a decline and lessening in numbers regarding a younger generation, as they reach retirement. It has been continually pointed out that the baby boomer mentality has tended postpone the seminal life moment that precious generations had embraced. They got married later in life. They put off having kids until the last possible moment. They got on the property ladder (if they could t all) much later in life.

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A new Term

The media love to attach snappy labels to easily identifiable groups in order to use them as scapegoats. Those born between 1985 and 1995, or thereabouts are called 'millennial'. There are a number of categorizations for various groups born during various tie period that cover the last half century. The millennial and baby boomers are the only two who are to said to have a bearing on the economic outcome of the developed world.

As history and has always pointed out, along with the continually rising graph of prosperity, every generation since the stone-age has out performed the previous generation. The rise in living standards, opportunities and aspirations has more-or-less outshone every previous generation. This now no longer the case. When you remove the statistics of those millennial who are super-rich, it is now abundantly clear that baby boomer grandchildren are significantly worse off financially than today's millennial.

It is perhaps a consequence of baby boomers 'having it so good' for such a long time that they prospered. A great work ethic along with great opportunities provided massive growth. The vagaries of later economic decline and bad political world decisions saw wealth starting to become divided.

The unprecedented economic collapse in 2008/09 started the long, slow deterioration of circumstances leading to an uncertain future. We live in a world now where many family members still live at home with their parents aged 40-50. We live in a world where a 21-year old becomes a social media millionaire. Foodbanks, welfare and constant struggle are the reality for the majority. Making ends meet is hard for so many people nowadays. We appear to have reverted to a feudal type system of the few being in control of the resources and the many struggling to survive.

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What Hope?

In this era the emphasis in wealth acquisition. In reality all wealth does is give you options. When you are financially free you have choices. Those choices for your own benefit need to include the constant acquiring of new skills, keeping your brain active, and doing as little as possible upset the balance of the planets ecosystem. The big picture is always changing. If you can accept your small part in it and be grateful for the benefits you are allowed to share, you will always be ahead of the game.

I am a baby boomer heading for retirement and I accept it gracefully.