Personal and family lifestyle

(SOS 110) Living in the Information Age Written Assignment 4
Name
Institution (SOS 110) Living in the Information Age Written Assignment 4
Introduction
The recent economic trend has future implications on the personal and family lifestyles of the current population. This owes to the reality that America is in the midst of an intense demographic revolution that will change the current state of the economy. According to Ewing (2012) the first baby boomers (the American population that was born between 1946 and 1964) turned sixty-five years old. The same author further asserts that an estimated 77 million Americans, covering almost a quarter of the entire population will reach their retirement age in the next five years. It is evident that their retirement will have a massive effect on the United States’ economy. This overwhelming statistic is central to the labor and employment force predictions from the Bureau of Labor and Statistics (BLS) (Ewing, 2012). This paper analyzes the future economic implications brought about by the retirement of the baby boomers (to the family lifestyles of the current population).
Future Implications on Careers
To begin with, the retirement of the baby boomers will lead to a massive strain in the current labor force. Therefore, the demand for younger workers is going to rise. According to Wuthnow, (2007) job opportunities for less skilled workers may not stay vacant for long because of the presence of people who meet the minimal entry requirements. In fact, new employees are likely to become experts in their jobs because the necessary skills can be mastered after a short demonstration. However, the retirement of high-end workers with skilled job positions may pose a threat to the labor force. Such jobs require abstract thinking, complex non-routine cognitive knowledge, and an independent judgment. It is critical that tenure and age are not rudimentary factors that determine the productivity of a society. As ...