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Events and Trends
The baby boomer generation which is designated as "officially" including babies born after the end of World War II in 1945 reaches the age of 65 beginning with this decade. 65 is the standard (though not universally accepted) age of retirement in the United States. A rapid expansion of the number of retired persons due to the aging Baby Boomers is expected to have a drastic effect on the economy of the United States and Europe, especially Social Security and Medicare. This has been called as a pension bomb.