Who are baby boomers?
People born in the 20-year period between the end of World War II (1946) and about 1965, are considered baby boomers. Economic conditions improved quickly after the war ended and, at the same time, there was trend toward larger families. The resulting cohort of baby boomers has had a great deal of influence over Canada’s economy and society and continues to do so as they age and retire. In 2011, the oldest of the baby boomers turned 65. Very soon, according to Statistics Canada, the number of Canadians older than 65 will be greater than the number of children, for the first time in history.
A large number of boomers have not been able to save or invest enough to live comfortably in retirement. There are many reasons for this. Taking from her own experience, Marie Engen describes a typical boomer financial timeline on the website Boomer and Echo explaining this phenomenon:
The generations coming up behind the boomers (generations X, Y and Z, the internet generation) are in line for their jobs when the boomers retire. The common belief is that this means that they could be waiting longer get a job and waiting longer for promotions at work. But this may not be true and, in fact, the news isn’t all negative. Here are some ideas and surprising facts on employment for younger generations:
In the end - whatever generation you’re part of - everyone’s situation is unique. But one thing won’t change: large numbers of boomers will be retiring from now up until 2030, when the youngest of them turn 65. It’s a fact that all of us - younger generations, boomers, employers, government - will be living with, whether we want to or not. Deal with it. Or, even better, make it work for you!
Visitor Comments
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Mathew - 2014-08-23
Personally, I find this poll does not ask the right question. Yes, the "Baby Boomer" generation is closing in on their retirement age. The majority of them are 60+ but they also hold a cornucopia of experience and information that, I feel, my generation is not taking full advantage of. A lot of the BB's are more experienced and better trained for certain jobs than young, hard-working, adults in our town. That does not mean we should let them continue working and neither does it mean we should force them into retirement. I believe that common workplaces should find placement for BB's as staff trainers when they are not physically fit to continue their jobs instead of kicking them out. Our current government continues to cut pensions and financial aid for those too old or injured to work, which is quite inappropriate. The so-called "old-timers" have had their time but they used it wisely. Instead of asking whether the younger, newly-trained generation should take their jobs, we should be asking: who will hand pass down the torch? A school may offer factual and informative training but experience remains the best asset for any workplace. Many people have successfully filled and excelled within many occupations without formal training. Why? Their experience in their given industry. As a young man, I do wish to find long term employment in an industry that will allow me to support a family, yet I do not wish to neglect experience and instruction from someone "past their prime". In summation, I feel that the "Baby Boomer" generation should not be replaced, merely succeeded by those who choose to learn from their tutelage and experience in fields many, many years older than any of us now.
prospector777 - 2014-08-12
I have heard these type in coffee shops diabolically planning demise of next generations and keeping them from having proper chances to work as they feel that generation y and x will take away what is theirs with power from getting work and monetary gains. Asses!