Social security will no longer be able to support baby boomers retirement

The introduction also has a thesis statement which gives the stand taken by the author. Giving the background information about the background of social security makes it possible to speculate on the future of the social security which is tackled in the next chapter.

Social security will no longer be able to support baby boomers retirement

Friedberg Updated March 13, — 2: Totaling 76 million, Baby Boomers were born between and This vast cohort began to reach age 62 in Bythe youngest Boomers will have passed full retirement age of During the s, s and s the government made substantive changes to the Social Security system.

This large program remains on the governmental radar, which is well aware of the Social Security reserves. Currently, there is a large Social Security surplus.

Congress enacted changes in that enabled reserves to begin to accumulate. These projections have remained constant since and are believed by experts to be quite reliable. So what is the possibility that Baby Boomers will bankrupt the Social Security system?

Yet, this is not a "surprise" issue. The full retirement age for Social Security benefits is already scheduled to rise during the coming years from age 65 to age 67 for those born in and later.

This makes sense given life spans have drastically expanded since Social Security was initiated. This initiative advocates that starting inthe age would rise by three months each year until it reached age 69 in Another proposal is entitled longevity indexing.

The indexing would continue benefits for a longer time period and offset this extended lifespan duration with smaller monthly benefits as life spans grow.

There are a variety of versions of this type of adjustment. As one of the most prized social programs, there is no reason to believe that the Baby Boomer generation will bankrupt Social Security. History confirms that the program was amended with regularity during the recent past.

Trading Center Want to learn how to invest? Get a free 10 week email series that will teach you how to start investing.

Make a gift to PBS NewsHour & NewsMatch will match it!

Delivered twice a week, straight to your inbox.Social Security Expert: “Boomers Should Aim to Live Beneath Their Means” May 30, 14 • news As people are able to live longer and longer, our years in retirement entail a much longer time period as well as require significantly more financial support.

The discussion on the future of the social security clarifies that it is not possible for the social security to cater for the employees’ needs after they retire.

Here's What Social Security Will Look Like by the Time Millennials Retire | HuffPost Nearly 77 million Americans fall into the cohort born between and In a couple of years, that generation will begin to reach the traditional retirement age.

Next we discuss that if the right measures are put in place by the government then the retirees’ should have no worry as their benefits guaranteed. Congress made significant fixes to Social Security during the s, the s and the s, and there appears to be a slowly gathering political will to make it solvent for the next 75 years.

Many baby boomers won't be able to retire — at least, not in the traditional sense. The idea of days on the golf course, adventures around the world and leaving the workforce by age 65 won't be a reality for many people in this age group, based on the findings of several recent studies.

Social Security; Medicare; Baby Boomers; Aging; The New Target Retirement Age: 66 Share × Share on Facebook The ideal retirement age is no longer A recent Gallup poll of 1, adults.

Social security will no longer be able to support baby boomers retirement

The report from the trustees of the Social Security program estimated that the trust fund reserves will run out in That means Social Security won’t be able to pay full retirement.

The Problem: Caring for Aging Baby Boomers