Wednesday, January 2, 2013

10,000 Boomers turning 65 every day for the next 19 years

Governments are worried, because they didn't do any future planning so they are continuing to attack Boomers and their younger siblings and friends through attacks on the pension system. 

Politicians of all stripes are only interested in getting elected. I love and believe the old joke,"How do you know when a politician is lying?" The answer "When they are talking." My advice to all the politicians out there is pay attention to what Boomers care about or you will be out of power fast. Keep hands off Pensions for a start.

Pensions do more than protect older workers, after they retire; they have a distinct and significant impact on the economy and play a role in job creation, according to the National Institute on Retirement Security. The organization released a report in March that provides a look at defined-benefit plans’ impact on the economy.

The report, “Pensionomics 2012,” studied data for 2009 from the U.S. Census and IMPLAN, an economic impact modeling system. The report found nearly 19 million retired Americans received more than $426 billion in pension benefits. That $426 billion paid out in pension benefits supported over $1 trillion in output, the report found, including $388 billion in direct impacts, $280 billion in indirect impacts and $341 billion in induced impacts

Ilana Bovie, director of programs for NIRS and the author of the report illustrates pensions’ impact with the example of a retired firefighter. He directly impacts his local economy when he uses his pension income to buy a lawnmower. The indirect impact of his purchase is an increase in income not just for the store where he purchased the lawnmower, but for every company involved in its production and distribution. When those companies benefit from increased income, they can hire new employees who spend their paychecks in their local economies, the induced impact of the firefighter’s purchase.

While a single firefighter buying a lawnmower is unlikely to have such a dramatic impact on the national economy, the combined force of the 10,000 baby boomers who will turn 65 every day for the next 19 years (according to the Pew Research Center) and begin retiring and using their pensions, make that pension ripple effect look more like a wave.

So if you are into surfing, relax and enjoy the wide on the wave, we are now starting to collect our pensions, and we are strong and we will continue to roll through society as we always did so get used to us as "zoomers" or "sonic boomers" but do not refer to us as seniors.

No comments:

Post a Comment