Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs Page: 85
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CHAPTER 6
CONCLUSION
Baby Boomers have begun their journey into older adulthood, but they are not
adequately prepared for the trip. Baby Boomers are expected to live about two years
longer than their parents, but there is limited evidence they have given adequate
thought to the cost of living a long life.
This research adds evidence to existing research which indicates that Baby
Boomers have not taken retirement planning steps that will help them face the costs
associated with future health issues. Their knowledge of health benefits and paying for
care is limited. Other than age, the personal characteristics used in this study are not
shown to influence knowledge-seeking behavior about retirement preparation or taking
action to prepare for retirement. Among those who did exhibit knowledge-seeking
behavior, it was shown to influence retirement preparation action only for the purchase
of an annuity. Researchers will no doubt continue to study this cohort's retirement
preparation activities from many perspectives and for many years to come. The diversity
of the Baby Boomer cohort and the placement of Baby Boomers within a unique period
of American history make them a fascinating object of study. Because those who have
reached age 65 are expected to live an average of 18 more years, and those who live to
age 85 can expect to live an average of another 6.4 years, their retirement-planning
decisions will have a profound impact of the cost and delivery of health services. As
mid-century approaches, the 18.9 million Baby Boomers who will be 85 or older will
comprise the largest-ever group of older Americans who will use health services and
who will need a way to pay for them. Although some Census Bureau statistics indicate85
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Henning, Janet L. Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs, dissertation, August 2012; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc149607/m1/93/: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .