Are Baby Boomers on the Cusp of a Crisis?

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According to the 2011 Canadian Census, 9.6 million people or twenty-six percent of the Canadian population were baby boomers (Statistics Canada, 2012). The baby boom of 1946 to 1964 was a period of time when the birthrate of a population was significantly higher than average. A baby boomer is someone who was born within the baby boom era. During the baby boom, approximately 412,000 babies were born per year. The baby boom began at the end of the Great Depression - a period of time when people were reluctant to have children due to financial difficulties. When the Great Depression came to an end, adults began having their postponed children. The adults married at a younger age, and had a larger number of children at an earlier age. A married couple would have about 3.7 children, compared to 1.7 children in previous years. The baby boom came to an end during the year 1965; adults were marrying later and were also having children at a later age. Now, the baby boomers are aging. The baby boomers are now fifty to sixty-eight years old, and have begun to retire. (Krotki, K. 2013) The aging baby boomers are on the cusp of a crisis because of healthcare demands, their inadequate retirement preparation, as well as the negative effects of aging. The aging baby boomers are on the cusp of a crisis because of healthcare demands. Healthcare is becoming more in-demand due to the large number of seniors, therefore, it can be hypothesized the healthcare prices will increase. Currently, basic healthcare needs in Canada are paid for by the government, however, due to the large elderly population, it is very likely that free healthcare will not be provided in the future. By the end of 2013 the Canadian population used $211 billion of healthcare. Olde... ... middle of paper ... ...e Security pension. Retrieved from http://www.servicecanada.gc.ca/eng/services/pensions/oas/pension/index.shtml Sedensky, M. (2013, November 17). Retire, then work — what boomers face in later years. The Boston Globe. Retrieved from http://www.bostonglobe.com/business/2013/11/17/retire- then-work-what-boomers-are-facing-later-years/CczWWGftJ5vO6cxONOJiqK/story.html Di Verdi, S. (2012, March 29). Budget reveals plan to raise retirement age to 67. MoneySense. Retrieved from http://www.moneysense.ca/retire/budget-reveals-plan-to-raise-retirement-age-to-67 CBC News. (2011, March 1). Elder abuse: A growing dilemma in an aging population. CBC News. Retrieved from http://www.cbc.ca/news/canada/elder-abuse-a-growing-dilemma-in-an-aging-population-1.1050233 Alzheimer’s Association. (n.d.). Alzheimer's Disease. Retrieved from https://www.alz.org/alzheimers_disease_1973.asp

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