Recently, Chariman of the Federal Reserve Board, Ben Bernanke, predicted dire economic consequences of having left the issue of Social Security so late. His remarks concern the impending retirement of the Baby Boomer generation, with the first of them just one year from retirement age.

But will it be as economically destructive as we think? Some say: not necessarily.

The plain fact is that most boomers have not done enough to plan for retirement and won’t be retiring at age 65 because they simply can’t afford to. A survey conducted by Merrill Lynch found that nearly 80% of boomers intend to keep working beyond age 65.

Although boomers are expected to live longer than any other generation in American history, potentially bankrupting Social Security and Medicare, improved health will also allow them to work longer and continue to contribute to the economy, rather than retiring. Additionally, better health (as evidenced by the dropping rates of death from heart disease, stroke and even cancer) indicate that the boomer retirees will be less dependent than other generations, lowering medical costs and long-term care expenditures.

The boomer generation has always been different and did everything differently from all generations that came before them. Their ideas and actions changed the face of society and perhaps the course of history. When it comes to growing older, it is likely they will do that differently from other generations as well.