Guest Blogger – The Retirement of the Baby Boomers….real or fantasy?

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Brandi,
Thank you for taking time to lead our discussion!
Organizations will be able to cope with an aging workforce if they are currently grooming their next generation of leaders. We are continuously seeing progressive training programs in various workplaces throughout the world. For example, many companies are heavily relying on social media, video games and other technology-based approaches to better train younger employees (Garrity, 2010).
Boomers may be reluctant to hand over the reins of organizational power if there is a lack of trust in predecessors being ready for the responsibility and challenges ahead. Another reason for their reluctance is directly related to savings rates and our current economic situation. Beinhocker, Farrell and Greenberg illustrate this point, “The low savings rate and extensive liabilities of the boomers have left about two-thirds of them unprepared for retirement (2009).” If Baby Boomers are financially stable and confident in their successors, authority and title can be easier to relinquish.
References
Beinhocker, E. D., Farrell, D., & Greenberg, E. (2009). Why baby boomers will need to work longer. McKinsey Quarterly, (1), 118-127. Retrieved from EBSCOhost.
Garrity, R. (2010). Workforce Training for a New Generation. Power Engineering, 114(11), 18-184. Retrieved from EBSCOhost.

Thanks Brandi for the post.
You are right; many retirees are choosing to stay employed, especially after the economic crisis. So many of us were affected by the economic recession. As a result, many of the younger generation have moved back home under the protection of mom and dad. “According to 2010 census Bureau data, 5.5 million Americans aged 25 to 34 live with their parents, up 38 percent from 2000.” (Steverman, 2011) In addition, with things like inflation, rising healthcare costs, and not enough put back in savings it just doesn’t seem feasible for many retirees to go without a salary.
This can be frustrating for someone coming out of college and looking to get their foot in the door with an established company. However, there are many companies who prefer someone fresh out of college. They look at the baby boomers as being “set in their ways.” These companies can shape and mold someone with little experience into exactly what their company needs in order to grow.
References:
Steverman, B. (2011, January 06). The financial nightmares facing boomers. BusinessWeek, Retrieved from http://www.businessweek.com/slideshows/20110105/the-financial-nightmares-facing-boomers

Ms. Reilly,
Thank you for your post and insight. I think that it is detrimental for Baby Boomers to hang around in the labor force long enough to aclimate the Millinnials in into the current work environment. “Part of keeping this younger generation interested in staying at their current position is to keep their attention. Training must be aimed at their specific needs” (Hamilton, 2011, para. 6). Baby Boomers can facilitate this transition through consultation and teaching as the next generation takes the employment battle field . Baby Boomers will be detrimental in closing the gaps between Millinnial culture and corporate expectations through mentoring, “Partner your new Millennial with one of your veterans. The veteran can show the newcomer the ropes and conversely the newcomer can offer fresh ideas” (Hamilton, 2011, para. P). This will be a mutually beneficial relationship for the boomers and corporate executives because the boomers have taken such a signigicant financial reduction in retirements due to the economic recession.
Reference:
Hamilton, D. (2011, January 9th). Millinnials Replacing Baby Boomer Workforce: Meeting Their Unique Needs. Retreived from http://drdianehamilton.wordpress.com/2011/01/09/millennials-replacing-baby-boomer-workforce-meeting-their-unique-needs/

I do believe we have some great leaders within our younger workforce. It is a shame to assume that all young college graduates will not be able to assume the work as the baby boomers have. The baby boomers occupied a different era which should not be misinterpreted as better or hard working. The current stance on this matter has left many young hopefuls feeling negatively about this matter, while the older generations tend to brag about how much better they are. According to Kreiter, (2012) “Unemployment in April fell 0.1 point to 8.1 percent, well below the recession/post-recession peak of 10.1 percent in October 2009” (para. 1) The retirement of the baby boomers will only prove strong for the economy as well as job replacements. People have to realize that every phase in an industry or government goes through changes. This should not be focused on as a negative or positive issue, but more likely as a transition period.
Reference
Kreiter, M. (2012, May 27). The number of baby boomers retiring is holding down the unemployment rate. Business News. Retrieved from http://www.upi.com

Dinah Wisenberg Brin wrote “While Boomers are more likely than younger workers to have defined-benefit pension plans and certain other advantages — that’s particularly true of older Boomers — many may wind up financially ill-prepared for retirement unless they work longer and save more.” (2012) If the baby boomers are not prepared for their retirement, will anyone be? They have saved and are predicted to still struggle because of the current state of the economy, Social Security, and Medicare. As for the workforce, I believe that companies must incorporate new blood into their companies to generate innovation, however experience is also important. I believe that the majority of this problem lies in the fact that while these “baby boomers” continue to work the natural cycle is thrown off and employment for the younger generation is almost unattainable.
Brin, D. W. (2012). Retirement Bliss May Turn into Blues for Some Boomers. Special to CNBC.com. http://www.cnbc.com

I agree with what you said Jessica in regards to companies needing to incorporate new blood into their workforce. On the other hand I work with that older generation and can’t help feel for them a little bit. I currently work at a company where we have several Boomers who can’t even think about retiring any time soon. They felt as though they had financially prepared themselves but found that just wasnt the case. Financially they lost a lot of money in the stock market and have unfortunately had to make plans to work longer to make it up. They are just as concerned about their jobs being taken my new grads, as the grads are about finding jobs. An article I read in USA Today said that many Boomers will not be able to retire till they are at least 70 years old.
What other option do they have but to work longer?
Wisenberg, D.(2012).Retirement Bottom LIne:Many Will Have to Work Until 70.USA Today. Retrieved July 24,2012 from http://www.usatoday.com/money/perfi/retirement/story/2012-04-21/cnbc-retirement-blues-for-boomers/54383224/1.

Thank you for choosing such a complicated topic for discussion. As is generally the case with employment issues, there are no easy answers for managers or employees. I have seen firsthand the bias that comes from the retirement age workers as well as from those straight out of college. As a matter of fact I had the opportunity to witness firsthand such a dilemma. an older coworker that had been with the company for several years held a support role within the department that I worked in. She had partially completed her masters degree and had worked in accounting for all of her adult life. Those making hiring decisions continually looked over her for promotions and hired young adults who had recently graduated college. She had both more experience and education than them, but they believed they could learn faster because they were young. The sad fact was, she was usually assigned to help train these new employees. She like many her age, found herself in a situation where she could not retire because of the economic downturn and her need for affordable healthcare. She believes they are trying to make things difficult for her so that she will retire, though that is probably not the case, it is unfortunate that she can not retire and her manager does not have confidence enough in her to promote her. And I am sure there are a long line of young workers just waiting for the opportunity to move into her position. It seems like there is no win/win in a situation like this.

Thanks for joining Brandi!
I believe its a possibility for a baby boomer to be “scared” of retirement only because they have been working their entire life, they are good at what they do, and are comfortable with expanding that. To be honest I agree with what a few people have previously already said, companies should always be looking toward the future. There are so many things that could happen to not only the company itself but also to the people that work for it. With that being said they should be incorporating younger, fresh from college adults who are prepared to start their career and still have the learning mindset to get whatever job needs to be done, done! There are all types of programs a company can start up, like Brandi mentioned an internship is a perfect way to get familiar with some of the students looking to joining the company or workforce in those specific fields. A company should be open minded to this type of thinking because at some point people will retire and challenges within the company will have to be dealt with.

Thank you for being our guest blogger during this class. Many have posted referencing younger college graduates having difficulty in finding employment do to baby boomers either wanting or needing to stay employed. Personally, I know of a couple recent engineering graduates that are seeking employment even if it is at entry level positions. However, I have seen the other side to Generation Y which concerns me. Trunk (2007) states, “Generation Y’s new graduates move back to their parents’ homes after collecting their degrees, and that cushion of support gives them the time to pick up the job they really want” (para. 2). Trunk (2007) continues to inform the reader that, “They grew up on the Internet, and they know how to launch a viable online business” (para. 2). I have seen this first hand. The company I am employed with is experiencing a season of growth. Recently, we have hired many young employees in hopes to be trained by some of these experienced and seasoned baby boomers. However, a vast majority only stayed a couple of weeks because they were not interested in a machine shop atmosphere. Baby boomers twenty or thirty years ago were proud and humbled to have these types of positions. They took ownership of the products they produced. Thus, time served represents their loyalty. In some regards with every passing year it is saddening to see some of these craftsmen disappear. Primarily, it appears that our baby boomers have many positive traits that our younger generation has not revealed yet.
Trunk, P. (2007). What gen Y really wants. Time Magazine. Retrieved July 24, 2012 from http://www.time.com/time/magazine/article/0,9171,1640395,00.html

Brandi,
Thank you for sharing your time and expertise on Baby Boomers. As you look around, many of the boomers have lost much of their retirement in the economy bust. There are some extremely compelling reasons to give the concerns of boomer employee’s top billing when the ends of their careers begin to wind down. So rehiring or retaining older workers may be a viable solution to short- and long-term staffing dilemmas experienced workers can troubleshoot, fix, and work with existing equipment, and they understand customer needs. In this way you begin to ensure that your experienced staff transfers its knowledge and skills to younger workers. You may want to use them in consulting roles to mentor the younger staff coming on board. An organization committed to capturing and transferring critical knowledge within their ever-changing workforce demographics is a company that can retain organizational knowledge and improve its workforce. According to Matlay, organizational leaders of today, managing multi-generational workforces, possess the opportunity to utilize knowledge management for strategic advantage. Indeed, growth-oriented organizations increasingly rely upon knowledge-based competitive strategies in which learning, innovation and continuous individual development play crucial roles (Matlay, 2000).
Matlay, H. (2000). S/NVQs in Britain: employer-led or ignored? Journal of Vocational Education and Training, Vol. 52 No. 1, pp. 135-47.

There is however some positive outcomes following a bull-whip like effect in the supply of younger workers. According to an article on jobs.aol, the younger generation has advantages in technology and entrepreneur spirit (Schepp, 2012). As a trained and nearly instrument rated pilot at the age of 23 I can attest to this. It was often said during training, that younger pilots do better with instrument training and more particularly, glass cockpit. And its true.This is usually contributed to a more general understanding that frequent interaction with video games and simulations have added to this skill set. That is because the glass cockpit is an all digital non traditional round dial configuration. In addition, there are also the inherent advantages to youth. There is now a workforce able to work longer hours, for cheaper! That is because they are not used to the higher pay and are experiencing the recession first hand. There will always be the hurdle of education and mentorship, but that is just the cost of doing business.
Schepp, D. (2012). Workers 55-Plus To Outnumber Younger Employees For The First Time. Aol Jobs. Retrieved from web: http://jobs.aol.com/articles/2012/07/11/workers-55-plus-to-outnumber-younger-employees-for-the-first-tim/

Ms Reilly, Thank you for your time.
Baby boomers are working longer, because people are staying healthier longer and the demands on today’s information workers are mental more than physical (Bernard, 2012). The percentage of 60 – 64 year old employees retiring each year has dropped from 12% in 1998-99 to 7% for the same age group in 2009-10 (Anderson, 2012). This makes it harder for younger people to find a job. In my job hunting experience, it seems that the companies wants to hire someone with experience doing the job. This is where internships are important; I have had to volunteer to gain work experience to be eligible for job openings. I agree with you Ms. Reilly, employers must learn how to pass down the job knowledge to the younger generation. If the U.S. is going to stay competitive in the global market, we have to be experts at the jobs that stay in America.
References
Anderson, N., (2012, June) New Retirement Income Options May Allow More Baby Boomers to Retire. Forbes. Retrieved from: http://www.forbes.com/sites/financialfinesse/2012/06/14/new-retirement-income-options-may-allow-more-baby-boomers-to-retire/
Bernard, D. (2012, June). Baby Boomers Search for Second Careers. U.S. News. Retrieved from: (http://money.usnews.com/money/blogs/On-Retirement/2012/06/01/baby-boomers-search-for-second-careers).

Brandi, I would like to thank you for being our guest blogger this week. I think you bring up a very good point about needing to train the next generation of workers. This is especially true as baby boomers are staying in the workforce even longer. Having a good bench strength that can step in and take over a role is crucial to the sustainability of any business. As Ben Leichtling wrote business must “have bench players cross-trained for the short term and groomed as the next generation of leaders.” This type of integration between baby boomers and the next generation will help not only the businesses but provide jobs for the next generation and additional purpose for the baby boomers.
References
Leichtling, B. (2004, April 11). Build employee bench strength to help company survive. Denver Business Journal. Retrieved July 25, 2012, from http://www.bizjournals.com/denver/stories/2004/04/12/smallb3.html?page=all

Brandi, another very interesting point that you brought up is that of pay rates and salaries for the baby boomers versus the next generation. As it continues to become more and more expensive to get the education required to get a job while waiting on a baby boomer to vacate the position, a lower pay rate could lead to even more problems. First, the next generation of employees will more than likely have more student loan debt. “For all borrowers, the average debt in 2011 was $23,300”. (Martin, Lehren, 2012, para 8) This will require them to make a certain amount of money in order to pay back their loans. At the same time, businesses are offering less money to new employees due to the higher pay of baby boomers. Then, as you pointed out, this pay rate situation causes higher pricing to the customer and less staff to complete the tasks and be trained to take over. Do you think that scaling back the pay for baby boomers is the right answer or will the next generation simply have to cope with the current situation and hope to catch up later?
References
Martin, A., & Lehren, A. (2012, May 5). A Generation Hobbled by the Soaring Cost of College. The New York Times. Retrieved July 25, 2012, from http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?pagewanted=all

Ms. Reilly,
I found your topic of retiring baby boomers, and found one of the points you said popped up in your mind a bit distressing, particularly point three; “With the Baby Boomers continuing to work longer, we are not bringing in younger employees to mentor out of college. The employee pool is becoming stagnant.” I believe there is a tangent of this thought that you may not have thought of. In my particular field, Clinical Laboratory Science, the average of a working Medical Technologist is 43.7. There is a real crisis developing in this field for potential workers in the future, and there will be a need to retain older technologist to work in ever growing, ever larger (and busier!) medical laboratories. There will be a need to generate new employees, and stagnation will not be a problem. At the other end there is the issue of older workers not being able to retire due to changes that have occurred in the economy over the last 5 years and the losses people have in their finances. I suppose the attitude of a younger generation may be, hurry up, retire, and get out of the way for the younger folks, but the reality is this may not be possible. I would hope this would not lead to stagnation.
References
The American Society For Clinical Pathology, Policy Statement, The Medical Laboratory Personnel Shortage, http://www.ascp.org/pdf/MedicalLaboratoryPersonnelShortage.aspx
Hansen R., Ph.D., “Working Beyond Retirement: For Money, Identity, and Purpose”, Quintessential Careers, http://www.quintcareers.com/working_beyond_retirement.html

Brandi,
Thank you for taking the time to give back to fellow LMU students.
I really enjoyed your point-of-view on baby boomers. Coincidently, my dad is a baby boomer who recently came out of retirement to start working again. However, it was only because he could not stand sitting around the house doing nothing. I believe this is true for many other baby boomers – some just like working. So, I was not surprised to read that, “83% of baby boomers intend to keep working after retirement” (Baby boomer ‘retirement’ facts, 2008). Yet, that does not bother me, because I feel that staying active keeps you young. What was alarming was, “Mature consumers possess $7 trillion in wealth – 70% of the total wealth in the united states” (Baby boomer ‘retirement’ facts, 2008). That is a lot of eggs in one basket!
Reference
Baby boomer ‘retirement’ facts. (2008). Retrieved from WhatsNextInYourLife.com: http://www.whatsnextinyourlife.com/

Hi Brandi,
You bring up some good questions. In my opinion, regardless of how people feel about the Affordable Care Act (Obamacare), I think one very good component of this law is that it allows for more portability when it comes to health insurance. Many people stay in their jobs simply because of health insurance coverage. If changing jobs didn’t jeopardize access to affordable health insurance, then more people will feel more secure moving on to other opportunities in the workforce. This would certainly help stimulate a stagnant jobs outlook.
Reference
Lazarro, J. (2011, March 17). Health Care Reform: How Benefits Portability Will Strengthen the Economy. Retrieved from Daily Finance on July 25, 2012: http://www.dailyfinance.com/2011/03/17/health-care-reform-how-benefits-portability-economy/

Companies know what they need to do to for the passing of the guard. This should not be a problem as elderly individuals have been retiring from companies for years with smooth transitions. Mentoring programs are great, consulting contracts are good, therefore keeping the knowledge bank tapped into for a certain amount of time. Leadership is what is hard to replace. A great skill set does not automatically equal a great leader.
What we are talking about is trying to take the jobs that are already filled by competent older individuals. If someone holds a job and does it well, why should they be forced to retire?
If a Boomer is looking for a job, they are perfectly suited to be competitive on a global scale just like the GenY generation is. T. L. Friedman talks about a phenomenon his book The World is Flat, A brief history of the twenty-first century, “Globalization 3.0 – the newfound power for individuals to collaborate and compete globally. This phenomenon is enabling, empowering, and enjoining individuals and small groups to go global…”
Friedman, T. L. (2007). The world is flat: A brief history of the twenty-first century. New York: Farrar, Straus and Giroux.

Mrs. Reilly thanks for your post. My previous position, I was a laboratory manager that had employees ranging from the twenty something’s into the sixty something’s. At times it seemed like a zoo. The works itself was stressful enough, but add in the conflicting personalities and you have a textbook example of disgruntle 101. In my chosen profession the average age of employee is the mid-50s. There isn’t a lot of college kids lining up to work in stressful environments, 24hrs a day including weekends and holidays. Baby boomers are relied on heavily to fill positions. “The laboratory personnel labor force is aging at a 78 percent faster rate than the entire U.S. labor market, citing a rate of 4.5 percent compared to the overall labor market’s 2.5 percent of aging (Bureau of Labor Statistics). One of the best ideas I had was to have college students come in and complete their clinical rotations. It brought new blood in an old situation. It was a chance for the staff to teach and influence “pre-employees.” There is nothing like bringing in new blood. New ideas, new ways of thinking, it’s like stepping out into a warm breeze. I admire the work ethic of the baby boomers, but sometimes the torch needs to be passed before it burns out. I had a couple of “on the job retirees” that had already retired, but where still on the job. Trying to find the right mix is like a balancing act. A little more on the left, now a little less on the right and there you go, a perfect balance.
Reference
Employer Persons by Detailed Occupations, Sex, and Age. 2000-2003, in “Occupational Employment
Statistics” (source Current Population Survey), Bureau of Labor Statistics.

Brandi,
Again, thank you for your time to share with our class on this controversial topic. We really appreciate you valuable time.
“Boomers hold the majority of major leadership roles in the workplace, and their retirement creates a leadership gap that must be filled by the next generations. The question is whether their successors are up to the challenge?” (Tasler, 2008). More than likely a new college graduate is looking for a job only to gain experience and move on to a higher position. That is acceptable, that is how every job works. But, that brings a question to me, why should a company lay off a boomer after 50 years of commitment only because a younger individual needs a job to pay their college debts and gain experience ? Leadership is essential in the workplace and unfortunately it cannot be bought at a super store. Without leadership, no company or business will be able to succeed and I believe that leadership comes from the boomers. On the other hand, retirement is a fantasy, in my opinion. With the economy like it is and knowing that sooner or later social security benefits will disappear, retirement, in my opinion, will not exist 20-30 years from now. But that is something that we, as a hard working class, do not want to believe. “The future of pensions remains uncertain as even
employers with financially healthy DB plans consider whether to eliminate them over time” (Butrica, Iams, Smith, & Toder, 2009). In my opinion, the best retirement plan that will exist for us 20-30 years from now will be investing on a safe that we can keep at home, depositing $50 of every paycheck we receive, that way when we hit the retirement day we can actually enjoy what we saved from all those sweat drops from 30, 40, 50 years of work instead of sitting at home wondering where is my retirement pension.
Butrica, B. A., Iams, H. M., Smith, K. E., & Toder, E. J. (2009). THE DISAPPEARING DEFINED BENEFIT PENSION AND ITS POTENTIAL IMPACT ON THE RETIREMENT INCOMES OF BABY BOOMERS. Social Security Bulletin, 69(3), 1-27
Tasler, N. (2008). The leadership vacuum: what we lose with the next generation. Central Penn Business Journal, 24(51), 29-30.

I believe that retirement for baby boomers is fantasy. Today’s economy makes saving for retirement almost impossible. Robert Hardaway of Fox News states, “the fact is that retiring baby boomers face few viable options in planning for retirement unless they have been lucky enough to work for the federal government, or who are otherwise entitled to the proceeds of a dwindling number of state or corporate defined benefit plans, many of which face insolvency in coming years” (2012). Social Security will be obsolete within the next 20 years, leaving many Americans with no assistance. Blaire Briody of The Fiscal Times said, “nearly half of Americans are not saving for retirement at all” (2012). A survey suggests that one quarter of middle-class Americans plan to delay retirement until they are at least 80 years old” (Briody, 2012). This is sad since the current life expectancy in the U.S. is 78 years old. With that said, the majority of people will be working until they die.
References
Briody, B. (2012). 5 reasons boomers will go bust. The Fiscal Times. Retrieved from http://money.msn.com/baby-boomers/5-reasons-boomers-will-go-bust-fiscaltimes.aspx
Hardaway, R. (2012). The war on baby boomers. Fox News. Retrieved from http://www.foxnews.com/opinion/2012/07/08/war-on-baby-boomers/

Thanks Brandi for sharing this information with us. I personally think it is an adjustment period for employers to have an aging workforce these days. In an article in the Journal of Targeting states, “baby boomers have been pioneers and agents of change throughout their lifetimes” (Coleman, Hladikova, & Savalyeva, 2006, p. 192). The baby boomers have seemed to be the trendsetters with their education, high salaries, and now length of years working. Having the baby boomers prolonging their retirement, employers are faced with having to pay the higher salaries until the baby boomers retires but also gets the benefit of having the experienced worker still employed. The alternative for employers would be having a young inexperienced staff with large investments would need to go into the training departments.
Coleman, L., Hladikova, M., & Savalyeva, M. (2006). The baby boomer market. Journal of Targeting, Measurement & Analysis for Marketing, 14(3), 191-209.

Brandi,
Thank you so much for sharing your expertise with us this week as a special guest blogger. While reading your blog, I had thoughts about the literature that is out there today encouraging Baby Boomers to continue to work. One article in particular is written by Emily Brandon her title “Tips for Baby Boomers reaching retirement age in 2012.” She writes, “Boomers can claim the full amount of Social Security they have earned, and the penalty for working and claiming Social Security benefits at the same time disappears.” She continues to advise Boomers to delay retirement until age 70 to get more money, the married can claim twice start claim under their spouse’s retirement from age 66-70 and claim their own deferred retirement at a higher payout at 70 and last boomers can work and collect full or partial social security payments at the same time without penalty (December, 2012).
And, maybe this is why the Baby Boomers are working and there is a Baby Boomer employment crisis. The Boomers look good, feel good and are banking good money. But, one might foresee a new era maybe it could be called the “multigenerational renaissance age” where the senior worker brings the experience and wisdom to the table while the entry level worker brings social media and technological expertise to the table and the result of the infusion is cutting edge innovative product and service. Just think the best talent brought from the best of both worlds performing at their best and the possible side effect America bounces back.
Reference
Brandon, E. (2011, December 12). Tips for Baby Boomers Reaching Retirement Age in 2012. US News. Retrieved from http://money.usnews.com/money/retirement/articles/2011/12/12/tips-for-baby-boomers-reaching-retirement-age-in-2012

Margaret Weigel, a researcher in the field of digital media engagement, warns “We should not judge people rigidly by the years they were born. If we want to define people by categories, it should be by behaviors because this is something each of us chooses” (Brockett, Medina, 2010). The research presents an interesting theory relevant to the discussion on reverse mentoring and mutual mentoring.
Reverse mentoring is seeking out someone with less job experience, but a significant amount of knowledge/skill. Mutual mentoring involves each person bring a topic to the table that he/she has the knowledge/ability to teach as well as a topic that needs to be learned. A two-way process ensues where each party can give and gain by exchanging mentor/mentee roles.
Categorizing people does not define them. People choose their own paths. But, there has to be desire to work together, and learn from one another. That is the challenge and the opportunity. We can complain about the situation, or we can unite the best of all concerned.
The glory of the young is their strength; the gray hair of experience is the splendor of the old. Proverbs 20:29
Brockett, K., Medina,R. (2010). Retrieved from http://www.slideshare.net/LSNTAP/mentoring-through-generational-digital-differences-nlada-july-2010.

Brandi,
Thank you for taking time to discuss your opinions and ideas with our class. I agree with the fact that baby boomers are waiting longer and longer to retire. I recently read, “In 1985, 10.8% of people over 65 worked full-time or part-time. By 2011, that figure rose to over 18%” (Stern, 2011). I personally know plenty of adults that could retire right now but don’t because they have job security in this time when the economy is in recession. On the flip side, I know quite a few recent college graduates that are unable to find a job in the focus that they went to school for. Many of them have resulted in waiting tables or working in retail until they are able to find something that is in their field. This is concerning to me and I worry that there will be some long-term repercussions of this situation that we are currently in.
Stern, G. M. (2001, October 18). Not letting go: Companies hang on to their baby boomers. Fortune, Retrieved from http://management.fortune.cnn.com/2011/10/18/baby-boomers-retirement/

Brandi,
Thank you for sharing your article with us.You are correct when you say that the job situation with Baby Boomers is a crisis. According to the Labor Department, it takes younger workers on average six months to locate a job, while it takes older workers roughly seven-and-one-half months. You had mentioned that older workers could consider doing consulting work. Accountants can prepare tax returns, teachers can tutor, and researchers can write reports. It does require a person to use their business skills and resourcefulness in landing those types of positions. This is a good way for older workers to supplement their income, but does not address the issue of costly health care.

As is generally the case with emplyment issues, there are no easy answers for managers or employees. I have seen firsthand the bias that comes from retirement age workers as well as from new graduates. An older coworker that had been iwth the compnay for several years held a support role within the department that I worked. Those making hiring decisions continually looked over her for promotions and hired recent graduates. She had both more experience and education than them, but they believed they could learn faster because they were young. She was usualy assigned to help train these new emloyees. She found herself in a situation where she could not retire because of her need for affordable healthcare. She believes they are trying to make things difficutl for her so that she will retire, though that is probably not the cse, it is unfortunate that she can not retire and her manager does not have confidence enough in her to promote her. There are a long line of young owkers just waiting for the opportunity to move into her position. It seems like here is not a win/win in a situation like this.

Brandi, thank you for sharing your insight with this topic. An article in USA Today stated that statistic shows that most young people don’t realize they’re actually taking home about 75% of their paycheck once taxes, Social Security (Malcom, 2012). I was very interested in this your post since I am fairly new out of undergrad, starting my first job out of college, and I am not extremely financially educated on how to allocate my savings to distribute my check with 401k, HAS, savings, etc. I wanted to research if I was putting enough or too much in my savings in order to live within my means to live comfortably. With the issue of baby boom retirement and bank failure crisis in 2008, what advice would you give a young adult starting out preparing for their retirement to avoid being affected by the economic crisis?
“Life Stages: First Job, First Paycheck and First Budget.” USA Today. Gannett, 01 Apr. 2012. Web. 29 July 2012. .

Today, you can never avoid the fact that baby boomers are now aging. And because the baby boomers population is one of the largest in the United States, there have been questions about health care and retirement benefits for these people. The fact that the baby boomers population makes up 22% of the American population, and is considered quite a lot in the United States, you will see that the government is taking all the necessary measures to provide retirement and health benefits to baby boomers.
You should consider that in the past, because of the baby boomers generation population, the United States benefited a lot and is continually benefiting today. The workforce is at an all time high and financial income for the United States is quite also at a high rate. However, in the near future, you will see that the demographic rate will shift. The lower birth rate in the succeeding generation will result in fewer workforce and higher retiring people, generally from the baby boomers.