Baby boomers are the people born during the period 1946 – 1964, the era after World War II. They are unique from other generations in that they lead a tedious life, and prefer working even after retirement. Usually, the retirement age of the baby boomers is 65 and according to the calculations, many of those 77 million people are ready for retirement. They mark the social responsibility and have an impact on monetary issues of the nation. Even the women baby boomers are more educated and mature to make wise decisions.
The baby boomers get into a part time job or own businesses after retirement. The main objective to work even after the age of 65 is not money but something more than that i.e. motivation. They get the motivation to survive from new challenges they face in their work environment. This is why they lack their skill to plan and manage their retirement and psychological life. The baby boomers would usually get a stock of money from the 401K retirement plan, which enables the employees to transfer a portion of their income in a specified account, which is exempted from the tax payments.