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

The Effects of Wyomings Aging Population With new medical technology and improved association about health and wellness, Americans life expectancy is weeklong than ever, with a better expected quality of life as well. Wyoming is the high-speed aging state in the coun deliver according 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 to its tax body structure and climate. In an article from the Wyoming Tribune-Eagle, it is predicted that by the year 2020 Wyoming will have the highest fate of residents over the age of 65. With the rapidly rising elderly 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 effect brought on by the baby-boomer coevals. During an average persons lifespan, they tend to borrow money when they are younger, as they embark on to scratch line 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 rise when retirees begin to stag their assets and dig into their savings to finance their retirement. What worries economists is the negative impact on the parsimony that a loss in overall savings may have. crowd together Poterba, an economist from the Massachusetts Institute of Technology also worries about the house mart. The baby-boomer generation has bought houses as investments towards retirement. If they all try to sell at the aforementioned(prenominal) 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 ahead concerning its aging population. cash in ones chips issue to the sta te will be increased Medicare expenses, economic effects of the baby-boomers savings and spending, and the question as to who will replace the older generation in Wyoming as younger generations move out of state. It is up to Wyoming to pop out 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). Property Rights and Public Interests A Wyoming Agricultural Lands Study. Growth and Change, p323-336. Retrieved March 26,2006, from EBSCO Host Database