Boomer Retirement
Joel Long
GM 428
Management Theory and Practice II
May 03, 2014
The University of Oklahoma
School of Business
Professor
Richard Lee Smith
Introduction
During the 1930’s, population growth slowed down in the United States because of the depression. Unemployment was at record levels during the depression and people could not afford to have kids. In the 1940s the population did not grow because men were going into the military and women were going to work in the factories building planes, tanks, and other weapons and equipment to be used in World War II. After fifteen years of slow growth the population began to boom along with the relative peace and prosperity that followed World War II. Seventy six million babies were born in the United States from 1946-1964. According to John Haaga at the Population Reference Bureau, four million of the baby boomers had died by the 2000 census, leaving seventy two million, but due to immigration the total number reported in 2000 was 79.6 million (John Haaga, Population Reference Bureau).The first of these baby boomers turned 65 years old on January 1, 2011. Four million baby boomers turned 65 in 2011. A total of eight million will have turned 65 by the end of 2012. In the next 17 years all 79.6 million baby boomers will have turned 65. When the baby boomers start retiring there will be four million people leaving the labor force each year, and this will be balanced by four million young people entering the work force, which means that any growth in the economy will create jobs which can’t be filled. When the baby boomers start retiring this will create openings for employees on each level to move up one rung on the career ladder, which means that many of the unfilled jobs will be entry level positions. There will also be unfilled positions at the top because the generation that came after the baby boomers “Generation X” is much smaller. There are almost 80 million baby boomers but there are
GM 428
Management Theory and Practice II
May 03, 2014
The University of Oklahoma
School of Business
Professor
Richard Lee Smith
Introduction
During the 1930’s, population growth slowed down in the United States because of the depression. Unemployment was at record levels during the depression and people could not afford to have kids. In the 1940s the population did not grow because men were going into the military and women were going to work in the factories building planes, tanks, and other weapons and equipment to be used in World War II. After fifteen years of slow growth the population began to boom along with the relative peace and prosperity that followed World War II. Seventy six million babies were born in the United States from 1946-1964. According to John Haaga at the Population Reference Bureau, four million of the baby boomers had died by the 2000 census, leaving seventy two million, but due to immigration the total number reported in 2000 was 79.6 million (John Haaga, Population Reference Bureau).The first of these baby boomers turned 65 years old on January 1, 2011. Four million baby boomers turned 65 in 2011. A total of eight million will have turned 65 by the end of 2012. In the next 17 years all 79.6 million baby boomers will have turned 65. When the baby boomers start retiring there will be four million people leaving the labor force each year, and this will be balanced by four million young people entering the work force, which means that any growth in the economy will create jobs which can’t be filled. When the baby boomers start retiring this will create openings for employees on each level to move up one rung on the career ladder, which means that many of the unfilled jobs will be entry level positions. There will also be unfilled positions at the top because the generation that came after the baby boomers “Generation X” is much smaller. There are almost 80 million baby boomers but there are