The study of demographics can provide a look into where we are headed as a nation. In 1950, there were 150,000,000 Americans and today there are more than 325,000,000. 76,000,000 baby boomers were born over 18 years between 1946 and 1964. The majority of the baby boomers were born between 1957 and 1964 making the eldest in this group age 62 in 2019. Below are some facts regarding the impact the baby boomers have had on the economy.
For more than 50 years the baby boomers have been a driving force behind the growth in the U.S. economy. Now they are now entering a very different phase of their lives. Beginning in just 3 years the largest group of the baby boomers will begin turning age 65 and in 8 years those with qualified retirement accounts will be required by law to begin withdrawing money from those accounts. The cost of homes today will likely require longer term mortgages to attract new buyers and the government will be forced to deal with the financial impact the boomers will have on Social Security, Medicare and Medicaid.
No matter what you may think, things are about to change.
Copyright © 2019 YourRetirementSherpa.com - All Rights Reserved.