Does the country's economic future look dark? Well, it certainly looks gray. In 2009, the first of the 70 million-strong Baby Boom generation should be starting to retire–assuming the standard retirement age of 65. From that year on, the pace of those reaching their golden years only accelerates until it peaks sometime around 2020.

What will be the impact of all those seniors coming of age? It depends on how well off they feel and the shape of the nation's retirement system. As of today, the outlook for both does not bode particularly happy times ahead.

As the entire workforce ages and the massive Baby Boom generation approaches retirement, major fissures have been developing in the U.S. pension system–ranging from Social Security's projected default after 2043, to the underfunding of corporate defined benefit plans and statistics showing inadequate 401(k) savings. Increased longevity and smaller families mean that as the Baby Boomers exit jobs, fewer new workers will be joining the labor market to fill their empty desks, spend money on goods and services or support the pay-as-you-go Social Security system.