Read an interesting and sobering article today regarding the baby boomers job and health situation and it is an eye opener for anyone who is entering the golden age or who thinks he or she has enough for retirement. The article states that the baby bombers who lose a job in the fifties are having a hard time find a job since there are so many of them. Apart for this, their health care costs are also rising and it has made them realize that they should forget about the early retirement that they were thinking of. The article goes to say that these baby boomers (the ones who are approaching retirement in a few years from now) have lost so much income due to the shrinking stock market and their home equity and retirement funds that they are not likely to retire any time soon and besides the health care that they will need in their old age will overwhelm the economy as a whole.
The society has not been able to solve this health care problem and I believe it will be hard to solve it with more aged people and less workers to pay for all the health care bills. As I have said so many times in my previous posts that either we will have to reduce the entitlements that we expect to receive (like medicare, social security benefits, etc) or we will have to raise taxes very high to care for all our retirees. Other thing is that the young people should not wait for their 401K to support them during their retirement years since as they say in Finance a dollar today is worth more than what it is worth tomorrow. And who is to say that we will have lower taxes when (and if) we retire. So folks it is now up to the individual to take care of themselves since the government is already under pressure in so many fronts and the health care reform that is having so much time devoted to it will just merely postpone not reduce the high expenses.
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