Thos that are born between the years 1946 and 1964 are the generation known as baby boomers. As boomers age, they have now become one of the largest generations to retire ever in the history of the US. This massive group of early retirees or future retirees is essentially in between stages in life. They are not quite old enough to receive the services that senior citizens receive, but they are not as young as they once used to be. As life becomes more challenging, there are an increasing number of problems that could arise.
Caring for Aging Parents
The older the boomer generation gets, the needier their parents become. The task of taking care of yourself and taking care of loved ones can be quite challenging. This is a common problem for the boomer generation. They don’t know where to get the financial assistance to care for their parents, and cannot afford to stay home and car for them. Sometimes the stress of not knowing and the guilt for having to put their parents in an adult daycare facility can weight heavy on their already declining health.
Loss of Job Prior to Retirement Age
As the world continues to try and bounce back from the economic demise, the boomer generation is most vulnerable. When companies are looking to conduct layoffs and offer packages, they generally look to those who have worked at the company the longest; the boomers. Therefore, in many mass layoffs and setbacks, boomers are the first on the chopping block. A job that was once a guarantee until your retirement date is now not as reliable and this can be very frightening for some.
Finding a Job At an Older Age
Studies have shown over and over again that the odds of someone over the age of 45-50 looking for employment are less likely than someone who just graduated from college. Though businesses have age discrimination laws in place, most are leery about hiring a boomer. Why? Boomers have years of experience, meaning they require more money. They also have more health problems, which could result in higher insurance costs. Therefore boomers really have a difficult time getting back into the workforce.
Declining Health Problems
Boomers are not getting younger of course, and with age come more health problems and complications. In fact, medical studies have shown that boomers are much more likely to experience higher health problems than their parents did at their age. The quality of life and products today are not what they used to be and as a result, boomers suffer. Many fear the rising costs of health insurance in order to care for their aging bodies.
Fear of Transitioning
Last but certainly not least, many boomers have an impending fear about transitioning from working to retirement. Work supplied a constant flow of income, and retirement requires budgeting and living off of saved money. This takes planning and knowledge and boomers sometimes wonder if they’re able to do it on their own.
Each year that you age you will encounter more problems as it seems that is a part of life. As one of the largest generations, boomers stand to deal with several uncertainties, and can only rely on professionals and family members for support.