Why The Size Of Baby Boomer Population Matters?

Baby boomer trends are showing that the baby boomers are planning on working longer than most of the generations before them. However, despite this the baby boomer generation is almost set to retire and start using the government’s programs for the elderly. This is where the size of the baby boomer population comes into play. Never before has such a large number of people became eligible for government programs at the same time. Today our country faces a problem that if not solved, could result in the demise of many programs that seniors need to survive.

Problems Of Social Security Due To Size Of Baby Boomer Population

One of the biggest problems that the size of the baby boomer population represents has to do with Social Security. People work their whole lives and pay into the social security system with the expectation of receiving a check from social security every month once they are elderly. However, that may soon come to a stop. Calculations have shown that with the amount of seniors becoming eligible for social security the system will become bankrupt in just ten years. Ten years is not a long time for an elderly person to receive benefits that they worked their entire life to build up. This will leave many elderly people without an income in the twilight years of their life. In addition, people who are working now and putting money into the system might never see a dime of it. This is why social security reform is so important and such a necessity. The sheer size of the baby boomer population is enough to topple this system if nothing is done to prevent that from happening.

Effects On Health Care Due To Size Of Baby Boomer Population

Another problem that is going to arise based on the size of the baby boomer population has to do with health care. Today people can expect to be able to use the nation’s health care for elderly, Medicaid. Medicaid is available to elderly and disabled people who cannot get other health insurance. However, the problem here is that Medicaid does not pay for nearly enough of the insurance that a person needs. Elderly people need prescriptions and medication in order to stay healthy and active. But most people cannot afford to pay for this important medication when all they have is Medicaid. Due in part to the size of the baby boomer population the government is working hard to change the medical insurance program so that elderly people and young people alike can receive the insurance that they need.