As the largest generation in American history, the Baby Boomers are a commanding presence. As they go, the economy of the United States goes as well. They control the vast majority of the finances and therefore industry. The Baby Boomer lifestyle is unique and requires the attention of everyone. As they near retirement, it will have a vast effect on the country as a whole.
The Baby Boomer lifestyle has been one of hard work. They are a direct route to the old time values of hard work and honesty. They have been taught that in order to get any where, you must be dedicated. As a result, they now have a lion’s share of the resources in this country. Now that they have worked hard, they are ready to play hard.
While some Boomers have already begun to retire, a total of nearly 78 million will retire in the very near future. This major swing in the workforce will account for a major shock to nearly every form of industry. The needs of the country will shift drastically.
78 million new retirees will result in a greater demand for travel services. While the travel industry is already successful, its clientele will be dramatically increased. If they no longer have to work, the Baby Boomer lifestyle will not be the same. They will use air travel, hotel accommodations, and RV’s. Tourist destinations will see a sudden spike in commerce and industry.
Not only will the travel industry receive a boost, but activities as a whole will also. Baby Boomers will not sit idly by, now that they don’t have to go to work. They’ll go to movies, restaurants, golf courses, and more. Almost any activity that Boomers can enjoy will receive a vast upgrade. This bodes well for business owners in this industry.
While many will benefit from this change in Baby Boomer lifestyle, others will be affected negatively. Almost every industry other than these will need more workers. Employers will probably be scrambling to fill the vacuum that was left by their Boomers. This could result in some inexperienced people taking the reins of American industry. Hopefully there will be enough workers to fill the openings.
Although it will be bad for employers, younger employees will benefit from many more job openings. Opportunities will present themselves to those in the right place at the right time.
Another concern is the unbalanced retirement and pension funds. The question remains to be seen whether a smaller workforce can support a growth in retirees. Many depending on social security may be come out on the short end of the stick. When a limited number of people are contributing, the resources may run dry eventually. Therefore, industry and government must change to accommodate the 78 million Boomers on the verge of retirement.
Overall, Baby Boomer lifestyle has a huge effect on the United States. As they go, the country goes. Hopefully, the increase in their demands will help stir American industry. Regardless of what happens, change is certain.
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