Ten million soldiers that returned home after the end of World War II started enjoying the peace and prosperity for which they had risked their lives. Nine months later, the population prospered, growing by 20%. Between 1946 and 1964, up to 4 million babies were born every year. That resulted in a population bubble of 76.4 million “baby boomers”, which was 40% of the entire population.
I was born in 1950, and I’m proud to be part of the Baby Boomer generation. I’m also retired and glad for it. Now what?
Baby Boomers control 70% of the disposable income in America today. (My part of that is insignificant, but it still counts.) I sometimes dream of what I would do if I won millions in the lottery. (Of course, that wouldn’t really happen since I don’t gamble.) I try to imagine a creative think tank that would spawn non-profit companies to provide jobs and education for those who are willing to work. But our generation doesn’t need to win the lottery. We can choose to invest in others rather than ourselves. To whom much is given, much is expected.
As our generation retires, it will become a drain on our society. Social Security is supposed to run out in 2041. I’ll be 91. I still remember a girl in my high school English class who blurted out that she thought we should kill off all the old people at 65. I wonder what she thinks now…
We have money and we have time. I think it would be a shame for my generation to be lazy and retired rather than reinvesting ourselves. At every stage of our life, we should produce more than we consume. Do you have a plan?
As we think about the new year, we think about resolutions. As I have time this week, I want to share a few of my own resolutions, in case they may help my co-BB’s better plan their retirements.