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Baby Boomers Includes A Span Of Over Two Decades
The age of the baby boomers takes a range of over 20 years. This generation includes people in their mid to late 40's who remain climbing the corporate and occupational ladders who may have young children. Those in their 50's usually have achieved a high water mark in their careers but may confront the expenses of college for their children. Baby boomers in their 60's are considering the lifestyle improvements associated with retirement.
While "baby boomers" appears to be a cohesive group, in many factors they can be pretty different from each other. The age of the baby boomers falls in a range of nearly twenty years and this difference in life stages symbolizes important differences in needs and wants. Earning power has a tendency to increase over the working period of life but then usually reduces steeply upon retirement.
The age of the baby boomers born during the first year of the generation will turn to 65 beginning in 2011. This means eligibility for Medicare and Social Security for most and other pensions and retirement savings plans for others. Many of these so-called "Golden Boomers" may be coping with decreasing expectations for their retirement lifestyle as a result of losses in stock investments in recent times and the downfalls of some exclusive pension programs.
The age of the baby boomers now in their 60's also means dealing with age-related health concerns. Many of these are chronic and costly to treat. Since Medicare alone just pays 80% of allowable expenses, it means a financial burden to retirees as well as a burden on those providers and companies responsible for the delivery of care.
Baby boomers in their 50's are often at the peak of their earning abilities, but many of them have the burden of education expenses for children. With tuition, fees, books as well as room and board ever increasing and availability of scholarships and loans becoming hard to find resources, even those producing health salaries may be feeling the pinch.
Many baby boomers in their forties still have young children at home and may even still be extending the size of their families. Raising children is challenging in many ways, and not the least of these is financial. It is now estimated that it will cost more than $250,000 to raise one child to the age of eighteen.
A good pair of examples of the different life stages of baby boomers can be found in the 43rd and 44th Presidents of America. Ex- president George W. Bush was born at the very beginning of the baby boomer period in 1946 and is actually retired with grown children who have completed college and who are on their own. Today's president Barack Obama was born near the end of the baby boomer period in 1961 and has school age youngsters and clearly is actively engaged in his career in public life.
What Are The Baby Boomers Generations?
The baby boomer generations can be divided into the initial group of people born in the first half of their generation and the "Jones Generation" born in the second half. More recently, the "Golden Boomers" have been identified as those in or nearing retirement.
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