The Baby Boomer retirement crisis is a whole lot worse than we’re being told. Thousands of Baby Boomers hit retirement age every day, but less than half of them are financially ready for retirement. Economists argue that by the end of the decade, Social Security will have gone bankrupt, both the stock market and the economy will take a massive hit, our healthcare system will be completely overwhelmed and our workforce will see a huge gap all due to this crisis. Ultimately, it is going to have a detrimental impact on all of our lives, and the most worrying part of it all is that older Americans predict that conditions are going to get even worse for them in the short and longer term. That’s what we’re going to expose today.
Baby Boomers are going to completely change our economic and financial landscape by the end of this decade. The problem is that economists predict this will be a change for the worse. A generation of this size transitioning out of the workforce will inevitably impact the U.S. economy in many more ways than we’re actually being told right now. With more and more boomers elected to begin receiving Social Security benefits, the outlook for the financial health of the fund is concerning.
Amid an ongoing banking collapse that is forcing the government to bail out huge banks, economists question whether politicians will also bail out its citizens. Considering how shockingly large is our current debt load, with the U.S. national debt surpassing $31 trillion, or $246,868 per taxpayer, it’s not unwise to assume that Social Security is likely to go bankrupt.
At the same time, the Baby Boomer retirement crisis will probably disrupt the U.S. job market in a major way. Economists say that they’re paving the way for what is now called “The Great Retirement,” which will likely surpass The Great Resignation as the most significant trend in the labor market in the 21st century. By the fall of 2022, almost 30 million Boomers had retired, an increase of 213% from the previous year, the firm reported.
A recent study by Pew also found that one in four workers in the United States is a boomer, amounting to 41 million in total. “The mass retirement likely will lead to an even wider workforce gap as companies will need to fill positions made available after the Boomers’ retirement. These workers generally hold higher positions, making the need for recruiters even more critical,” the researchers highlighted.
Given the incredibly large number of retirements, there will be a huge shift in the balance between supply and demand in the overall economy. In other words, we must brace for a significant decrease in consumer spending, which is a decisive component of GDP. On top of all that, experts anticipate the influx of retiring baby boomers will soon lead to healthcare expenses that will outstrip what most retirees have in savings. That’s why many healthcare providers are warning about deteriorating affordability and accessibility for millions of Americans.
At the end of the day, this isn’t simply a retirement crisis, but an economic and financial crisis that will be felt by all of us. All of this means that the future of our younger generations is being stolen from them as our leaders fail to assist older Americans. In fact, at this point, the future in America no longer looks prosperous and promising, but rather worrying and grim.
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