When members of the baby boom generation begin to retire in large numbers, there will likely be a strain on social security and pension systems, as the ratio of retirees to working-age individuals increases. There may also be a potential labor shortage in some industries, as a significant portion of the workforce exits. Additionally, there could be shifts in consumer spending patterns, as retirees adjust their financial priorities and consumption habits.
There are millions of Baby Boomers coming up hot and heavy. There are pros and cons ...
PROS:
Baby Boomers want things right and aren't too old to fight for it which could be excellent in the areas of health care, politics, and taking a good solid stand on important issues of the country they are in.
Baby Boomers are either going to retire and travel, stay around home, have ill health perhaps, or many well go back to work part-time or full-time. Although I'm not classed as a Baby Boomer I found that I'd rather work part-time than stay home constantly and it helps financially.
Baby Boomers may even have more free time to volunteer in places that need help, or, they may even go back to College or night school. Some may even go into their own business'. They have much to offer.
CONS:
Baby Boomers are going to be a drain on our Health Care including the U.S. and Canada. Our Health Care system (in Canada at least) is already having problems and former governments knew full-well that they should have been saving money in their coffers for the burst bubble of the Baby Boomers. Of course former governments didn't do this (at least in Canada) and now they're scrambling for money to provide for the sick. Hospitals are over-crowded, there are not enough hospitals and it doesn't look like the government is going to be building any new hospitals in the near future.
When Baby Boomers retire many companies have not given it a thought that they will have to retrain future employees and have really messed up the process. It would have been smart to train young people along with the up and coming Baby Boomers so the company could carry on without too much of a problem. Some Baby Boomers may be called back to work for the company they use to work for as they need pros to help out.
Many Baby Boomers are taking early retirement because they want to be well enough to travel, perhaps start their own small business or just enjoy life sooner than later. Once one gets old the illness' start to pile up.
Higher insurance costs because they are living longer.
Higher unemployment among generations x and y, due to "retired" Baby Boomers taking up jobs in a limited job market.
There was a baby boom in the US after World War II because of all the soldiers coming home to their wives. There were more men around so more women got pregnant.
The Baby Boom effected education by cause a need to build more schools. The Baby Boom happened after World War II from 1946-1964.