A Baby Boomer Tsunami? Maybe Not

The the next five years, the oldest members of the baby boom generation will turn 65, causing alarms in some quarters about a "retirement tsunami." Will this demographic shift be as dramatic as doomsayers claim?

"Florida is a case in point. Home to a large and growing retiree population, the Sunshine State established a Cabinet-level department of aging in 1992 and has long been a bellwether for state aging policy. Its economy has benefited from the in-migration of older people, and state officials expect a continued boost to the local economy as the boomers begin to retire.

Mature Floridians brought more revenue to the state in the year 2000 than they cost in services, and their per-capita income was 25 percent higher than citizens ages 18 to 49, according to a report from the Florida Department of Elder Affairs. In the same year, Floridians age 50 and older spent $135 billion -- almost $12.5 billion more than younger adults."

Thanks to Governing.com

Full Story: Baby boomers augur old age, new needs

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