Today – this day – thousands and thousands of the seventy-six million baby boomers in America are marking their 50th birthday: a milestone to celebrate as significant as or more so than the traditional 40th. Truly,50 is the new 40, the beginning of mid-life, and with every new discovery in a multitude of fields ranging from biogenetic engineering to pharmaceuticals and robotics, that age marker will be pushed ever upward. In the not too distant future it may become possible for many in the developed world to reach, in a healthy, active state, the “natural” age cap of 120 years. That’s a lot of partying to come.

But steady on! Before we all boogie on down, it might be a good idea to take note of some other facts and figures. In 2006, the first-born of the baby boom generation will be celebrating their 60th birthday, and five years away, their 65th. It is estimated that by 2030, when most boomers will have long crossed over the traditional retirement threshold of 65 years of age (and the remaining few fast bearing down on it), they will make up 20% or more of the entire US population (as opposed to their current hold of 13%). Baring bird flu’ and other mutant pandemics, there will, by 2030, be approximately 70 million people over 65 years, and the 85+ age group will have become the fastest growing section. And they won’t all be wearing rose-tinted granny-glasses.

There is a multitude of studies and commentaries available on the internet into how well baby boomers are prepared for living out their twilight years. The conclusions and predictions are often contradictory and, despite the good news about increased health and longevity, the overall trend tends to favour the hysterical sentiment of “It’s my party and I’ll cry if I want to”:

• A majority of boomers are optimistic about being able to live in the same style when retired as they do now.
• Boomers typically earn more than their parents ever did, and than their own children do or will do.
• It is often estimated that a boomer will need to have set aside at least $1 million for a decent retirement,
• A majority of boomers expect to work after “official” retirement in a variety of ways (part-time, phased, new career), either because they wish to remain socially active, or because it will be necessary for financial reasons.
• Half of all boomers between 50-59 years of age currently have $10,000 or less in personal retirement savings.
• Boomers face unprecedented levels of financial obligations to their children (who are earning less than their boomer parents did at a similar age) and their parents (who themselves are living longer).
• Boomers hold greater levels of personal financial debt than previous generations, and in general prefer to spend than save.
• The vast inequalities in wealth that characterizes American society is just as evident in the baby boomer generation, and as they age it will be women and minorities who will be especially at risk of sinking into poverty.

One indisputable fact is that the enormous baby boomer bulge has always placed great pressures on society as it passes through the body politic. It has wrought radical changes on education, family life, gender roles and relationships, leisure, work, health care and much, much more, and it will certainly do the same for the concept of retirement. In fact, the existing notion of retirement as a time to putter round on the golf course or in the potting shed is in any case a fairly recent one. Up until the Second World War most people worked until they died.

The brief “golden age” of retirement, kick-started in the sixties by the Affluent Society of the mid-twentieth century, is undoubtedly coming to an end. What it will be replaced by is as yet unknown, but it is certain that, through a combination of force of circumstance and personal desire, the baby boomer generation will once again make this their own. Good enough reason to put on the party hats.

About the Author

Morgan EvansFreelance Writer