The Baby Boomer Generation is retiring

[Jsmythe]

I heard on the radio that 1/3 of the workforce will be retiring over the next ten years. They said that there would be a major shortage of teachers in California where I live. In light of the fact that the young male population is sliding into the abyss academically and economically according to recent studies, do you think that this could be a factor in the collapse or decline of the United States over the next 10 years?

[Cameron]

I am a baby boomer and already semi retired. There is a huge upside that folks don't mention about us. We will be the most wealthy group of retirees ever.

We will require huge amounts of goods and services and the economy will roar.

As for the labor, more automation and self service venues will pop up that will require fewer employees, and the retirees will be a valuable commodity for the workforce due to their experience and maturity.

A little know fact: Baby boomers stand to inherit over 40 TRILLION dollars in inheirtance from their parents as they pass on.

Lots of money for lots of things that have to be made, packaged, transported and sold. Not to mention the explosive growth in the healthcare field for the aging boomers.

[Issachar]

Baby boomers stand to inherit over 40 TRILLION dollars in inheirtance from their parents as they pass on. I'd be interested in seeing a source for this number. It seems high to me considering the level of debt of the average American. Thanks ....

Issachar

[Cameron]

http://www.nmfn.com/tn/learnctr--lifeevents--managing_inhert_pg

[Issachar]

hmmm ... thank you Cameron for the link. I will have to do some research. I can't accept their number at face value. I believe it may be a fairly high number, but I have reservations about 40 trillion. I did some simple arithmetic on that number. I have no idea how many of us "boomers" there are, but I think I went way over on the retirees and used 80 million. Dividing 40 trillion by that comes up with 500,000 dollars each. I have a hard time believing that 80 million Americans have an avg. of 500K to give away in inheritance. Maybe they do, but I personally doubt it. At least, right now I do.

Issachar

[Cameron]

Hey Issac.....I personally do not know either. Its just something I came across.

I do know people are better off today than when I grew up in poverty and there will be some wealth spread through inheirtance.

But I really don't know the real figure.

Its still best to plan for your own finance and not rely on an inheirtance. Then if it comes its just extra money.

I have a friend at work, nearing retirement, who lost his Dad in Katrina and he and his two brothers received an inheirtance. He bought a brand new RV and a brad new deisel truck to pull it with.

I would have socked that money into an FDIC insured CD and let it perk toward my retirement budget. But some folks don't see it that way.

To each their own.

[Bernardd]

I am a baby boomer and already semi retired. There is a huge upside that folks don't mention about us. We will be the most wealthy group of retirees ever.

We will require huge amounts of goods and services and the economy will roar.

As for the labor, more automation and self service venues will pop up that will require fewer employees, and the retirees will be a valuable commodity for the workforce due to their experience and maturity.

A little know fact: Baby boomers stand to inherit over 40 TRILLION dollars in inheirtance from their parents as they pass on.

Lots of money for lots of things that have to be made, packaged, transported and sold. Not to mention the explosive growth in the healthcare field for the aging boomers.

That's a superb comment. Every now and again I'll come across something like this and I'm simply astonished that these issues are NEVER addressed (well, almost never). I've also heard that many of the Baby Boomers are not planning on retiring because they WANT to work...that many are capable (despite what statistics say) and can benefit from the Internet etc. as a means of income (small businesses etc.)

I guess only time will tell, but I suspect that this whole "Baby Boomer REtirement" issue has been manipulated and is being used as a scare tactic to scare us into....something.

[Issachar]

I would have socked that money into an FDIC insured CD and let it perk toward my retirement budget. Likewise ... or invest it in something. But just outright spend it? hmmm ... like you said, to each their own. :idunno

With every mile the truck will be worth less and with every use, the RV.

If someone has money to use, invest it. Don't use up the principle. Use the earnings off of the principle. Start a small business if one feels so inclined. But don't just use it up. I know a guy, with a family, that inherited 30k. Used it all up and said, "how'd that much money go so fast?!"

Geee ... I wonder ...

Issachar

[DavidNR]

Lots of money for lots of things that have to be made, packaged, transported and sold. Not to mention the explosive growth in the healthcare field for the aging boomers.

Cameron, you certainly are a voice of calm sanity pertaining to economics. Yep, there is a great future for anyone who sets up a business offering services to all the retirees...

What I see "bad" about the baby boomers retiring is largely that they'll live a long time and we'll have a lot of oldster atheists that still have a voice. They will be looked upon as having "wisdom" due to their age. Someone born today will be 20 when Hillary Clinton is 80. They will have grown up with people like her - that is, politically powerful, hyper "tolerant" and "enlightened" regarding, oh, how about homosexual rights - being the learned elders.

[Cameron]

David I agree. But we know prophetically that man will continue to sink deeper and deeper into the slime pit before the end. Man is so intelligent today, yet lacking in wisdom.

And I believe some of these leaders today are really hippies in three piece suits with a haircut. They haven't changed their "free love" philosophy of the sixties and will probably want us all to live in a commune and share the wealth and everything else we have.

Even the new speaker of the house is from......San Francisco. All she needs is some flowers in her hair. :nod