The Effects of Wyoming’s Aging Population Essay -- Economics Age Econo

The Effects of Wyomings Aging Population With new medical engineering and improved knowledge ab egress health and wellness, Americans look expectancy is longer than ever, with a better expected quality of bread and butter as well. Wyoming is the fastest aging state in the country harmonize to the Billings Gazette. In addition to an already aging state, Wyoming has been named by national publications as a top place of retirement due(p) to its tax structure and climate. In an article from the Wyoming Tribune-Eagle, it is predicted that by the year 2020 Wyoming get out have the highest percentage of residents over the age of 65. With the rapidly rising gray population, Wyoming faces many challenges and difficulties in its future. One of the most apparent challenges Wyoming faces will be the additional cost and economic effects brought on by the baby-boomer generation. During an medium persons lifespan, they tend to borrow money when they are younger, as t hey begin to start their own lives and jobs. Once they are more economically independent, around middle-age, they begin to pay off their debts and save for retirement. Wyomings concerns draw close when retirees begin to apportion their assets and dig into their nest egg to finance their retirement. What worries economists is the negative have-to doe with on the economy that a loss in overall savings may have. James Poterba, an economist from the Massachusetts Institute of Technology in like manner worries about the housing market. The baby-boomer generation has bought houses as investments towards retirement. If they all try to sell at the same time, Poterba worries about a possible slide in the housing market (Economist, 04). Another concern to Wyoming is Medicare costs... ... older. That number is predicted to increase to 20% in a little over a decade. Wyoming faces many challenges frontwards concerning its aging population. Top issue to the state will be change magnitude Medicare expenses, economic effects of the baby-boomers savings and spending, and the question as to who will knock back the older generation in Wyoming as younger generations move out of state. It is up to Wyoming to start preparing right now. The state must prepare for these costs and also try to focus on how to gain benefits from an aging statewide population. Works CitedA Future Meltodwn? Economist, Vol.372 Issue 8391, p72-72. Retrieved March 26,2006, from EBSCO Host Database Inman, K. & Mcleod, D.M. (2002). seat Rights and Public Interests A Wyoming Agricultural Lands Study. Growth and Change, p323-336. Retrieved March 26,2006, from EBSCO Host Database