Are Baby Boomers Better Off Than The Current Generation?
Due to the increased longevity, divorce and remarriage increased rates in the baby-boomers generation, retirement, leisure and living environments will differ from the current generation. The current generation of older adults has some advantages over the baby-boomer generation; I believe one of the biggest advantages is financial security. Many of the baby-boomers who recently turned 65 years old have to put aside their retirement plans due to the down economy that we are facing. The current social security pension will not cover their living expenses. Therefore, they will have to stay in the work force for a much longer period of time compared to the current older generation that was able to save money, pay off their home and retire on schedule. As far as their living environments, the baby-boomers will have to face more challenges that the current generation, due partially to the economy and partially because of the increased longevity, these individuals have to share their homes with younger and older generations. The increase in divorce rates will present a different challenge for the baby-boomers. If they don’t remarry, they will not have a partner to help them financially; this will affect (especially women) retirement and living arrangements. We know that older adults prefer to stay home vs. institutionalization and to be independent. Unfortunately due to lower fertility rates, the baby-boomers might not have the option of a loved one to care for them at home and might end up institutionalized. Leisure for both generations is dictated by their socioeconomic status and based on the current state of our economy baby-boomers, as well as our generations’ future doesn’t appear to be as good as the current generation. Unless, some legislation is passed quickly to provide a better social security and retirement plans for future generations, our current generation might be the last generation that takes advantage of social security and is able to retire at a dissent age and able to enjoy a few years of retirement.