There is more bad news circulating these days than good news regarding the prospects for baby boomer retirement. In a recent issue of the Dallas Morning News, Deputy Assistant Secretary of the Navy Russell Beland offered his positive spin on the hotly debated issue.

According to Beland, most authorities are warning that as “boomers quit working and ease into their golden years, they could break the backs of the younger workers who will have to support them.” Beland assures that is not the case. “Even at the peak of boomer retirement, around 2030, most of the population will still be of prime working age, between 20 and 64.” His statistics indicate that while the percentage, about 55, will be lower than it is today, it will be well above the levels of the 51-54% of 1960s and ‘70s. Another key factor is that more people will be in the work force than in the past. When these entitlement programs were first introduced, most women didn’t work outside the home. Today, 60% of them make up the work force. Furthermore, computer technology has allowed increasing numbers of people to work from their home. Both men and women are taking advantage of the opportunities to telecommute, which account for a vast number of people who go to “work in their pajamas.” Options for earning income have never been so numerous.

Beland also debunked the theory that we are “running out of time to fix senior citizen entitlement programs before a crisis strikes.” He maintains that we are already out of time, as early baby boomers and the generation preceding them are enjoying the government-sponsored benefits as part of their retirement package. There is no way at this point in the game to alter these programs significantly without causing “a major breach of faith.”    

Another myth shattered by Beland is that boomer retirement will hurt the already flailing economy. Although it may impact the federal budget, it is important to factor in that as boomers continue to earn they also continue to invest in the economy as consumers—definitely an upside that will go far toward bolstering the economy well into the future. As for those boomers financially prepared for retirement, they will continue to pay for products and services, yet not necessarily competing for jobs.