I don’t think America can afford FOR the boomers to retire.
Let's start with the retirement of the boomer generation. Recent statistics show that the average American is woefully unprepared for retirement. On average, 40% of American families are NOT saving for retirement, and of those who are, it is primarily about one year's worth of income. Furthermore, important to this particular conversation, one-fourth of those at retirement age postponed retirement with only 18% being confident of having enough saved for retirement.
PFL
I could retire but the uncertainty of the future of health insurance is a huge factor.
He’s right. I can’t afford to retire. I plan on dying in the office.
De facto increase in the effective retirement age for most of the boomers who not saved up for their retirement with their own savings or investments.
People simply won't be able to afford to retire until they are in their 70s or until they are physically unable to work because inflation will have destroyed the purchasing power of their social security entitlement benefits Same with welfare recipients.
Many are supporting two families because of divorce. Others have children and grandchildren living with them, or they are supporting them, because the younger generations are unemployed. That’s what happen in a lousy economy.
I’m 67 and self-employed. I can’t be fired, so I’m free to keep working, as I’m financially compelled to do. But, I wonder when my ability to work will take a hit? I already don’t have the stamina I used to have.
The new phenomenon I expect to become very widespread are unrelated older Baby Boomers, and even Generation-X’ers moving in together as roommates. The logic in this:
One of them owns a house just for themselves; another has enough money that if they had a home they could have a good retirement; yet another is in good health and willing to do housework and take care of the others for room and board. Perhaps another who is still working but wants something at least somewhat like a home life.
Of course there are lots of variations on this, but all capitalize on the division of labor and mutual support and protection.
If their plan still has an empty room, they can even rent it to someone younger still, like a student.
The underlying reason is economy.
IOW, the participation isn’t dropping because boomers are retiring. It’s dropping because the economy is really that bad.
bfl