PRESENTATION FINAL
Scott Saxton
INTS 3900-01
Presentation Assignment / Final
Being
a Boomer
We
as humans have always found interesting, thoughtful, and sometimes provocative
ways of categorizing each other. We make judgments about the people we come in
contact with and the environment around us based on our experiences, education,
and our individual places in the world. We look to find common ground and
define our lives into communities where we have an identity as an individual as
well as a member of the community with common beliefs, values, and ideas. We
segregate ourselves into these communities and neighborhoods; sometimes by mere
chance and sometimes by choice. We do
not chose the family, socioeconomic situation, race, ethnicity, or the time and
place we were born; we do however chose what we make of the lives we are given.
The
start of the Baby Boomer generation came in 1944 with the end of World War II
and continued until 1964. Those who were born during these years are in the
community of the Baby Boomers. In 2009 the first of these baby boomers reached
the retirement age of sixty five and ushered in the beginning of the largest
cohort of people passing through time together in American history. Approximately
77 million Americans make up the community of Baby Boomers and will have a
significant impact on the economy, healthcare, and the demographics of America
for the next thirty or so years. Born in 1963 I am at the tail end of this Baby
Boomer community and I already see both the positive and negative influences we
as a community have and will have on the country. What will be the effect of
the Baby Boomer generation on employment, the economy, and what are the
psychological effects of an aging population having to work and provide for
themselves much longer than expected?
At
the beginning of the twentieth century a man born in 1900 at average lived to
the age of 48 and a woman born in 1900 lived to the age of 51. By the end of
the twentieth century a man born in 1997 has a life expectancy of 74 years and
a woman born in 1996 has a life expectancy of 80 years (PBS.org, 2013) . In January of 1935 President Franklin
D. Roosevelt sent his economic security bill to Capital Hill where it was
introduced to congress by two senators, Robert Doughton from North Carolina and
David Lewis from Maryland. A few months later congressman Frank Buck of
California renamed the bill the Social Security Act of 1935. Later in August of
the same year, after debate in both houses, the bill was past and signed into
law by President Roosevelt on August 14th, 1935 (Administration, 2013) . According to the
Social Security Administration: “Life expectancy at birth in 1930 was indeed
only 58 for men and 62 for women, and the retirement age was 65” (Administration, Life Expectancy for Social Security,
2013) .
Based on the information available at the time I am of the opinion that the
leadership of the day in 1935 could not have foreseen that life expectancy
would increase so drastically. A short nine years passed from the signing of
the Social Security Act of 1935 until the end of World War II; ushering in the
Baby Boomer generation whose first are now entering into retirement. With 77
million members the community of Baby Boomers will dominate the older age
population in the country for the next thirty or so years. Restating the
question, what will be the effect of the Baby Boomer generation on employment,
the economy, and what are the psychological effects of an aging population
having to work and provide for themselves much longer than expected?
Beginning
with employment one needs to analyze why Baby Boomers want to work longer than
those of previous generations. This idea is composed of both the desire to work
and the necessity to work past the normal retirement age. For many of the Baby
Boomer community the need to work longer than retirement age is a simple need
for financial resources to care for themselves and their families. For others
it is a need to continue contributing their knowledge and experience to the
next generation. A recent health and retirement study done on older workers
between 1992 and 2004 showed an increased report of those working past the age
of 65 up from 27% to 33% (Mermin, 2007) . The journal article illustrates the
necessity to work coming in the form of the erosion of the employer sponsored
retiree benefits and pension plans; forcing Baby Boomers to work longer than
normal retirement age. The speculation in the article also points out that
working longer will contribute to economic growth, more revenue for government,
and improved financial security for older
Americans (Mermin, 2007).
Americans (Mermin, 2007).
With
a combined membership of 77 million the community of Baby Boomers is a force of
strength for not only change but for securing the needs of an aging population.
According to an article by Equal Opportunities International there is much
being done to support the older workers of the Baby Boomer generation. The
article points to organizations such as the American Association of Retired
Persons (AARP), the National Council on Aging, and the American Council on
Aging; as just a few that lobby for the Baby Boomer community and their
respective needs. The article states that recently the nation Council on Aging
launched a 100,000 job campaign to assist and provide employment opportunities
for older workers, many who have past the age of retirement (Schwartz, 1999) . Many of those in
the communities of generation X and generation Y will have to compete for
available jobs with those of the Baby Boomer generation of older workers.
According to Equal Opportunities International, “the aging worker today will
experience a larger variety of employment opportunities depending on their
employment industry, their chosen occupation, and their education/skill level
attainment” (Schwartz, 1999).
The
Baby Boomer community as of 2008 makes up approximately 25% of the American
workforce. In a 2009 article in People and Strategy the effects of older
workers on the economy and employment are discussed. One of the critical topics
covered concerns the stereotyping of older workers and whether or not this
stereotyping will have an effect on or negatively impact businesses. Many
employment experts point out that unless many of the Baby Boomer community have
a willingness to work past the age of retirement; American business will not
have enough qualified workers to fill the needed positions, and that there are
not nearly enough workers to replace them. The article also points to the
negative effects of stereotyping older workers and the divisions that such
stereotyping causes within the organizations (Stark, 2009) .
The
77 million that belong to the Baby Boomer community have a considerable effect
on the economy. In the Journal of Targeting, Measurement & Analysis for
Marketing, the idea that the Baby Boomers have an active positions in life and
tend to be potent employees and consumers; and are a critical part of the
countries economy. Making the investment to retain them in the workplace and
designing marketing methods that are personalized to this large segment of the
population makes sound business sense. The article points out that much more
research and study into the attitudes, interests, and opinions of the Baby
Boomer cohort is not only necessary but important for the economic growth of
the future (Coleman, 2006) .
Retirement
is something that one would think everyone is looking forward to; however, the
question has been raised, why do so many baby boomers want to work past the age
of retirement? According to a study done and reported in The Journals of
Gerontology, the Baby Boomers will likely be working much longer than the
generations ahead of them. The reasons may seem simple given the fact that life
expectancy and longevity have been enhanced greatly during the lifetime of this
cohort; but also pension plans, retirement benefit, cost of healthcare, and
many other issues, have changed how the Boomer community view work and
retirement. The article also illustrates the upside to Boomers working longer;
the economic growth, revenues flowing into the government in additional taxes
from earnings, and the improved security the additional earning bring to older
workers (Mermin, 2007).
I
will be the first to admit that life is not fair; there is no way to bring
equality to all people and all generations. Each individual is born, lives, and
eventually dies. No person has any control over the beginning and cannot choose
where, when, or to whom they are born. As life develops and unfold there are
more and more choices the individual can make in how their individual lives
will unfold, and some control over how they will live. There are many factors
during life such as poverty, family circumstances, opportunity for employment, education,
as well as many others; that dictate how one lives. Perhaps the only real
control over the final portion of life, that being death, is how one chooses to
take care of themselves; that determines how and when death comes. Having said
that and knowing that one has no real control over when they are born; is it
fair that the Baby Boomer community has had a disproportionate measure of
wealth, and did they gain this by unfairly taking it from the following
generations (McKay, 2011). According to government statistics the average
income in 1944, at the beginning of the Boomer generation, was about $2,600
annually. By the year 2009 when the first of the Baby Boomer generation reached
65 and began retirement the average family income had grown to over $50,000 (Noss, 2011) . An average home
price in 1965 when the first of the Baby Boomers turned 21 years old was
approximately $20,000. In 2006 when the first of the generation X community
turned 21 years old the average price of a home had skyrocketed to over
$300,000 (Census.gov, 2013) . With the unmatched growth in income
form the 1960’s through the present day and the increased value of homes in the
same time period; the prosperity of the Boomers may be nothing more than good
fortune and better timing. The Baby Boomers were taxed at lower rates and
contributed less into the Social Security system as opposed to their Generation
X followers; however, the Boomers are taking a toll on the resources available for
retirement spending. The big question is will there be anything left for the
following generations, or will the Boomers yet again be the beneficiaries?
Life
as a Boomer does have a downside. According to an article in Psychiatric Time,
the Baby Boomer community experimented with far more illegal drug and alcohol
than did the generation previous to them. The article goes on to explain the
drug addiction and substance abuse, whether illegal or not, is an emerging
problem for the Boomers; many of which also need help form geriatric
psychologists. One of the important aspects to consider when comparing the Baby
Boomers with previous generation is the overall attitude towards drug and
alcohol use and the lenient attitude many of the Boomer generation have towards
them; as compared to their parents and grandparents (Trevisan, 2008). “The U.S.
Substance Abuse and Mental Health Services Administration found that drug use
between ages 50 and 59 is nearly double that of previous generations” (Radio,
2008). Mary Ann Pascucci, PhD. has a message for the aging Boomer community,
take good care of yourself both physically and mentally, as the number of aging
people will put considerable strain on the economy and society. The healthcare
industry will also be additionally burdened thorough the year 2030 when the
last of the Baby Boomer community reaches retirement age. In her article in the
Journal of Gerontological Nursing, Mary Ann Pascucci states: “Self-sufficiency
becomes paramount,” as this cohort reaches old age (Pascucci, 2008).
For
many years now there has been considerable discussion on what to do with so
many reaching retirement ages from this large cohort called the Baby Boomers.
The worries about economic impact, societal impact, healthcare issues; are no
longer at the forefront of discussion because the time is here. According to an
article written in the Fort Morgan Times in 2012, the time is here, and there
are approximately 10,000 of these Baby Boomers turning 65 years old every day (Times,
2012, Feb 21). The discussion now turns to what will society do when they are
gone; which will happen quickly over the next twenty years. All of the
expanding careers in healthcare, retirement communities, nursing homes, and the
like; will be adversely affected as the Boomers die off. What will all those
healthcare providers and related occupations of the generation X and Y
community do for work when the Baby Boomers are gone? The article in the times
states: “With the demise of a huge portion of the population, less housing will
be needed, less food will be needed and there will be fewer jobs” (Times, 2012,
Feb 21). The Silver Tsunami is a phrase used to describe the Baby Boomer
community as they are the flow of aging people gathering momentum and energy in
the direction of the healthcare system (Summer, 2007). Many of the Boomer
community are unprepared for longer life and lack the resources for more than
the basic care provided by Medicare and Social Security benefits, and therefore
may not have the additional discretionary funds to spend on more than basic
living expenses. This alone may be the overwhelming reason for working longer
than expected.
In
conclusion, I love being a Baby Boomer! While these are only my opinions I
think they are relevant; we have the best music, we appreciate technology (we
spent quite a bit of time without much of it), we put a man on the moon, we
contributed more than we took, and we know how to work harder and longer than
the children and grand children we raised. Once upon a time there were only
three television stations, CBS, NBC, and ABC; now there are hundreds. We
listened to our rock and roll on reel to reels, eight tracks, cassettes, CD’s,
as well as the digital. In fact I would bet we have as a group spent more money
on music, in all its different formats, than any other generation in history. We
carried our paper notebooks, pens and pencils, even used a slide rule to make
calculations; now we carry our IPad's, smart phones, and laptops. We once rode a
bike to get from here to there and now we spend thousand of dollars to ride a
bike for entertainment. We bought our first cars for hundred of dollars and now
we spend tens of thousands on ones we only drive on weekends. We have our
problems and will undoubtedly need to work a little longer, see a few more
doctors, perhaps witness the collapse of the monetary system we created and
benefited by; however, we got the chance to live through all of it, the good,
the bad, and the ugly.
References:
Administration, S. S. (2013, November 27th). Life
Expectancy for Social Security. Retrieved from SSA.GOV:
http://www.ssa.gov/history/lifeexpect.html
Administration, S. S. (2013, November 27th). Social
Security History. Retrieved from SSA.GOV:
http://www.ssa.gov/history/tally.html
Coleman, L. H. (2006). The Baby Boomer Market. Journal
of Targeting, Measurement, & Analysis for Marketing, 14(3), 191-209.
Lynch, F. (2001). Aging Boomers. Society,
38(5), 81-82.
McKay, S. &. (2011). The Pinch: How the Baby
Boomers Took Their Children's Future - and Why They Should Give ti Back. Journal
of Social Policy, 40, 633-635.
Mermin, G. j. (2007). Why do boomers plan to work
longer. The Journals of Gerantology, 62B(5), S286-94. Retrieved from
http://search.proquest.com/docview/210154286?accountid=27045
Pascucci, M. A. (2008). A meessage to baby boomers:
Take good care of yourselves! Journal of Gerentological Nursing, 34(3),
3.
PBS.org. (2013, November 27th). Infant Mortality
and Life Expectancy. Retrieved from The First Measured Centruy:
http://www.pbs.org/fmc/timeline/dmortality.htm
Radio, N. P. (2008). Boomers facing drug
addiction. Washington, D.C.: National Public Radio.
Schwartz, D. &. (1999). The Relationship Between
Age and Employment Opportunities. Equal Opportunities International,
18(5), 105-110.
Stark, E. (2009). How Age Stereotypes Impact Older
Baby Boomers Who Still Want to Work. People & Strategy, 32(4),
58-64.
Summer, A. (2007). The silver tsunami: One
educational strategy for preparing to meet america's next wave of
underserved. Journal of Health Care for the Poor and Underserved,
18(3), 503-9.
Times, F. M. (2012, Feb 21). Baby boomers will be
mostly gone in 20 years. Fort Morgan, Colorado: The Fort Morgan Times.
Trevisan, L. M. (2008). Baby boomers and substance
abuse: An emerging issue. Psychiatric Times, 25(8), 28-36.
