Tags: Baby | boomers | retirement | structure

National Journal's Cook: Baby Boomers Likely to Create New Retirement Structure

By    |   Tuesday, 30 June 2015 10:02 AM

The government forecasts that the number of Americans 65 and older will double to about 88 million by 2050, thanks to a wave of retirements by baby boomers.

And the boomers may reset retirement conditions, says Nancy Cook, a correspondent for National Journal. "Americans who were born between 1946 and 1964 aren’t as likely to settle for simply retiring to Florida to play mahjong," she writes in The Atlantic.

Joseph Coughlin, director of MIT’s AgeLab, put it to her like this. "They recognize that the current systems in place are not only inadequate to meet the demands of aging, but woefully inadequate to meet their expectations."

Many baby boomers may continue their jobs, at least part time; start their own business; or do volunteer work. And there may be a transition step in between the elderly living in their own home and entering a retirement home, Cook notes.

Retirees may keep living at home and pay for concierge services, such as rides and household help.

Elsewhere on the retirement front, senior citizens are taking it on the chin big-time, as the Federal Reserve's low-interest policy is cutting into their fixed-income returns, right?

Not exactly, according to The New York Times.

"Most Americans suffered serious losses during and after the recession, knocked off balance by layoffs, stagnant pay and the collapse of home values. But apart from the superrich, one group’s fortunes appear to have held remarkably steady: seniors," write Times reporters Dionne Searcey and Robert Gebeloff.

"Supported by income from Social Security, pensions and investments, as well as an increasing number of paychecks from delaying retirement, older people not only weathered the economic downturn that began in 2007 but made significant gains, a New York Times analysis of government data has found."

And who among us in our golden years is faring best? Those aged 65 to 74.

"While there are plenty of individual exceptions, as a group they are better off financially than past generations and may well enjoy a more successful old age than future ones, even those merely a decade younger," Searcey and Gebeloff say.

Related Stories:

© 2020 Newsmax Finance. All rights reserved.


   
1Like our page
2Share
StreetTalk
The government forecasts that the number of Americans 65 and older will double to about 88 million by 2050, thanks to a wave of retirements by baby boomers.
Baby, boomers, retirement, structure
373
2015-02-30
Tuesday, 30 June 2015 10:02 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved