The baby boomer generation is approximately 76 million of the population of the United States and was born between 1946 and 1964. They have contributed immensely towards the reshaping of the American economy for decades such as contributing to the labor market and impacting consumption patterns as well as enabling the achievement of institutional management objectives. This paper examines the changes that may occur in the workplace, social security, and healthcare outlook as a result of the retirement of the baby boomer generation ( Gigante, 2010) .
The retirement of the baby boomer generation is likely to result in a decrease in the workforce of the United States since they are heavily linked to the current economic growth, improvement in family income, educational achievements, and workforce composition. As most baby boomers retire they will need employment services specifically for those with little education and more skills ( Gigante, 2010) . This implies that the present employment and training programs should focus on creating programs that accommodate the needs of the aging population. It is anticipated that the number of participants in the Job Training Program Act (JTPA) will almost reach four times its number between 2005 and 2020. There is the need for JTPA to examine the present service delivery strategies to ensure the existence of the right employment programs. These strategies can be in the forms of work experience/community service and small group instructions. In the process of aging among the baby boomers, there will be a high eligibility for special older worker employment programs ( Nightingale,1997) . Presently, SCSEP has been comparatively effective in addressing the needs of low-income workers above 55, but at the present rate of funding, it can only serve 1 percent of those who are eligible.
Delegate your assignment to our experts and they will do the rest.
As far as social security is concerned, it is expected that there will be a high number of baby boomer retirees due to their attainment of retiring age. There has been an increase in life expectancy in the United States from 63.5 in the 1950s to the present 78.3 years. This implies that most baby boomer generations will be alive by the time they reach their retirement age and there will be a high number of people who need to be provided with social security. It is estimated that there will be approximately 43 million people receiving Social Security in the United States in 2018, while the ratio of workers to retirees will be 2.9 to 2 ( Butrica, Iams & Smith, 2004) . It is expected that there will be a rise in the cost of social security compared with tax income due to the growth of population above the age of 65 years compared with the working population. If changes in Social Security policies are nit made, it will be impossible to address the benefits of all the baby boomer retirees. By 2010, when the youngest boomers will be 66 years, it is expected that the Americans above the age of 65 years will be 75 million, almost double their number in 2008. Even with the increase in the number of baby boomer retirees, there will only be a small rise in the Social Security costs, due to the fact that as the retirement age increases, other cuts have resulted in a reduction in benefits ( Gigante, 2010) .
Similarly to the social security sector, the impact of aging baby boomer generation on health care sector is projected to be very significant. It is expected that the aging baby boomers will be sophisticated purchasers of health care and will seek to customize insurance plans focusing on improving their health needs. They will need more information on how to manage their health. This will result in the creation of health benefit plans focusing on addressing their needs. Due to the increased need for independence among boomers upon retirement, they will need health plans that focus on home-based care with little competition for health care services ( Nightingale, 1997) . This will result in innovation in the manner in which health care services are provided in the United States.
Prospectively, the areas of the economy of the United States that will have the greatest impact is the health sector because most of the aged baby boomers will have a number old age related healthcare needs thus a call for an expanded quality health services for this group. In addition, they will need benefits that enable them to access health services in a less costly manner. Therefore, the greatest efforts towards addressing the needs of retired baby boomers should focus on creating policies that address their health and medication needs at the retirement age. ( Gigante, 2010) .
References
Butrica, B. A., Iams, H. M., & Smith, K. E. (2004). The changing impact of social security on retirement income in the United States. Social Security Bulletin-Washington , 65 (3), 1.
Gigante, S.(2010). How Boomers Will Impact the Health Care Industry, CNBC News . Retrieved from http://www.cnbc.com/id/35524106.
Nightingale, D. S. (1997). Employment and Training Policy Implications of the Aging Baby Boom Generation. Retrieved from http://www.urban.org/research/publication/employment-and-training-policy-implications-aging-baby-boom-generation
