Will the Baby Boomers STAY Forever or Bail Out Early? Marianne E. Felice, MD Professor and Chair, Department of Pediatrics, University of Massachusetts Medical School Physician-in-Chief, UMass Memorial Children’s Medical Center

Marianne E. Felice, MD I have no relevant financial relationships to disclose or COIs to resolve. But...I am a “Baby Boomer”, A tenured Professor, and A department chair!

Who are the Baby Boomers in our Departments?

Baby Boomers Born between (or ) Children in the 40’s and 50’s By 1964, 76 million born in the US (a baby born every 17 minutes x 19 yrs.) Cherished by parents who fought a war for the right to bear them and raise them.

Baby Boomer: Seminal Events 1954:McCarthy Hearings 1955:Salk Vaccine tested 1955:Rosa Parks 1957:1 st nuclear power plant 1957:Congress passes Civil Rights Act 1960:BCP introduced 1960:JFK elected 1961:JFK starts Peace Corps 1962:Cuban Missile Crisis 1962:John Glenn circles the earth 1963:MLK, Jr. leads March in Washington, DC

Baby Boomer: Seminal Events 1963:JFK assassinated 1965:US Sends troop to Viet Nam 1966:NOW founded 1966:Cultural Revolution in China 1967:American Indian movement 1968: MLK, Jr. & Robert Kennedy assassinated 1969:1 st lunar landing 1969:Woodstock 1970:Kent State

Baby Boomers: Generational Personality

Growth & Expansion Wild west shows Wild west shows Outer space Outer space

ALWAYS the star of the show Nuclear families Nuclear families New hospitals, schools, playgrounds New hospitals, schools, playgrounds

Optimistic The world has infinite possibilities The world has infinite possibilities

Learned teamwork Report cards: “works well with others” Report cards: “works well with others”

Personal Gratification Unhappy marriage? Divorce Unhappy marriage? Divorce Dissatisfied with job? Change jobs Dissatisfied with job? Change jobs

Soul-searching….obsessively! Transcendental meditation Transcendental meditation Yoga, spiritual books Yoga, spiritual books

Have always been “cool” Set trends as kids Set trends as kids 1 st teenage consumers 1 st teenage consumers

Will never grow old Many never “grow up” Many never “grow up” Healthier than their parents at same age Healthier than their parents at same age “look young” “look young”

Made money, spent money Not great savers Not great savers

First Halfers vs. Second Halfers First Halfers (born in 40’s) First Halfers (born in 40’s) Workaholics Workaholics Career 1 st / Family 2 nd Career 1 st / Family 2 nd Economic achievers (Rolex, BMW’s, 2 nd Homes) Economic achievers (Rolex, BMW’s, 2 nd Homes) Second Halfers (born in 50’s) Second Halfers (born in 50’s) Larger segment Larger segment Scorn the first halfers as too driven Scorn the first halfers as too driven First taste of downsizing First taste of downsizing More like the First Halfers than Generation X More like the First Halfers than Generation X

Will Boomers Retire Early? Yes and No: Yes and No: At age 60-67, still have years of good health and productivity At age 60-67, still have years of good health and productivity Many say they would quit if they could live comfortably w/o their salaries, but most can’t! Many say they would quit if they could live comfortably w/o their salaries, but most can’t!

From the AAP Dept of Research, AAP News, February 2010 (2006 Survey)

Will Boomers Retire Early? Yes and No: Yes and No: At age 60-67, still have years of good health and productivity At age 60-67, still have years of good health and productivity Many say they would quit if they could live comfortably w/o their salaries, but most can’t! Many say they would quit if they could live comfortably w/o their salaries, but most can’t!But… Want more free time NOW after years of hard work Want more free time NOW after years of hard work Had no life outside of work previously, but now learning new skills and developing new interests Had no life outside of work previously, but now learning new skills and developing new interests Most feel that they still have talents and knowledge to share with younger colleagues Most feel that they still have talents and knowledge to share with younger colleagues With physician shortages in many fields, it could be a god-send to have medical colleagues willing and available With physician shortages in many fields, it could be a god-send to have medical colleagues willing and available Can they work without being “in-charge”? Can they work without being “in-charge”?

Baby Boomers Will probably age like wine … slowly and with style. (Adapted from Generations At Work)