The name of a mountain? Do they mean Burden Peak?
Nope. It refers to the moment in time when almost all boomers will be age 60 or older. It’s now projected to be sometime around 2029. That’s when the youngest baby boomers will begin to turn 65.
If you think peak burden sounds ominous, then you’re going to hate the term “population time bomb.” Hey, it’s not our fault. Our parents chose to have children when they chose to have children. Once again, the sheer size of the boomer population is causing stress to the economy, and it’s only going to get more stressful.
One of the most obvious stress factors is that boomers are hogging the housing supply. Not only does that cause a shortage of stock for younger generations, it also pushes up demand which pushes up prices. Last year was the worst year for housing sales since 1995, and boomers show no inclination to downsize any time soon, so millennials that have children can’t find housing large enough for a growing family.
The next problem caused by peak burden is the labor shortage. There are more job openings going unfilled – about 9.5 million jobs to be specific. Worker shortages in turn can cause inflation. Boo! We’ve had enough of that due to Covid.
Then there is a stock market in which 80% of the stocks are owned by people 55 and older. I know! That statistic is shocking. Younger generations don’t have the spare funds or the inclination to invest. When boomers get nervous about market stability, they are more likely to sell. When there’s a big sell-off, we risk a recession. Then it would be like watching those dominoes falling.
Now if you’re not worried enough about these factors so far, you can throw in the fear (in some minds) that Social Security will run out of money. I know that won’t happen but the fear mongers love to throw that one on to make the dumpster fire more impressive.
What to do? Follow the advice of Alfred E. Neuman. You remember him from MAD Magazine. Boomers grew up with Alfred. He turns 68 this year and retired back in 2019 when he was only 63. Al’s advice still resonates with baby boomers: What me worry? It will serve us well when we hit the peak burden, for sure.
Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon. But that’s not all. You can also purchase the Best of BoomSpeak on Amazon.
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