The problems being predicted in connection with the aging boomers may be reduced in intensity or in occurrence altogether if the boomers remain vigorous and healthy as they age and keep working. Indeed for 30% to 50% of the boomers, working beyond the age of 65 is necessary as they say they have not saved enough to retire. According to a survey conducted by Merrill Lynch, nearly 80% of the boomers intend to keep working beyond the age of 65. However, growing old and consequential deteriorating health cannot be avoided forever. According to Bernanke, the nation will have to choose among higher taxes, less non-entitlement spending by the government, a reduction in spending on entitlement programs, a sharply higher budget deficit or some combination thereof (Aversa, 2007.).
The Federal Reserve chief also suggests that the U.S. Social Security and Medicare will need to be revamped to avoid the massive burden the retiring baby boomers will place on the nation’s budget and the economy. Having a more positive attitude towards foreigners with the needed skills in the local economy may also be of help. Adopting policies to accommodate and retain older workers and offering better quality education to minority groups who traditionally languished in schools will be some of the ways to fight worker shortages. (Aging Baby Boomers)
According to a study funded by the Commonwealth Fund Foundation, aging population will continue to impose tremendous challenges, but through collective actions in the political process as well as collective actions in the marketplace, these challenges can be met without necessarily diminishing future standards of living.
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