Increased Burden on Younger Workers
America is on course to have problems replacing workers entering retirement. Baby Boomers are still the largest generation in the U.S. and are entering retirement at larger rates each year. Already, Millennials have caught up to tie the Boomers as the largest demographic of workers. This will cause a strain on the Social Security System in the coming years as more money will be paid out than will be collected. This problem will continue to worsen as federal spending will continue to go up in areas such as health care as the Boomer generation continues to age. Younger generations will bear the grunt of this cost as well. For more information visit this article by Patricia Cox with Value Walk.
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