So the Baby Boomers are identified as Americans born between 1946 and 1964; the first of them qualify for SS this year?

There will be fewer workers paying into the Social Security system to support each retiree. Instead of three workers per retiree, there'll be just two. Pundits say "in 2017 the payroll taxes flowing into the Social Security system won't be enough to cover promised benefits.

But the system will remain solvent because the Social Security Trust Fund will be able to cover the shortfall until 2041. Then, if nothing is done to shore up the system, payroll taxes will cover just 75 percent of promised benefits. " Asked by OlyPolly 47 months ago Similar questions: Baby Boomers identified Americans born 1946 1964 qualify SS year Society > People.

Similar questions: Baby Boomers identified Americans born 1946 1964 qualify SS year.

My thoughts I know it's not a popular idea, but I think they need to increase the retirement age, which they have already begun to do a bit. These days people are living longer. I'm a Baby Boomer, and when I first started working, I remember that people would retire at 65 and then maybe live two or three years longer.

These days, many of us can expect to make it into our late 80s and 90s, collecting social security for fifteen or twenty years. Of course that's bound to strain the system, especially with such a large group as ours reaching "the golden years" at one time. These days, many people keep working after 65.

Even those who leave their jobs often look for other ways to be productive and make money. I for one would like to work for as long as I feel healthy enough to do so. I'd just like to work a few less hours and have more time for other things that I enjoy..

As a baby boomer, the money will be there for me. However, the money could be there for everyone if the government would grow some egss and do the right thing: 1) never touch the SS money for anything but SS payments 2) remove the income limit. 3) raise the medicare and fica by 1 percent each for individual and coporate matching.4) eliminate payouts of any kind to anyone who is not a citizen.5) develop needs testing for receiving and using medicare and SS..

I'm not counting on the government... I'm only 25, and no where near retirement, but I've already been investing in an IRA and in long-term CD's with my retirement in mind. It's not a lot of money right now, but it should be enough by the time I'm old enough to retire. I highly doubt that social security will be there for me, and I'm not going to be left high and dry.

The part that makes it extra difficult for our generation is not only will we not have social security, we will probably have minimal or no support fromout employers at the time of our retirement; no pensions, no health care, no stock options. Jobs with those types of benifits are very difficult to find, and even harder to keep. As it looks right now, we will have to be entirely self-sufficent after retirement.It is pretty aggrivating to me that I put in to a system that was designed to support me in return, but I'm actually not going to get anything from it.

I believe that part of being in a governed society is that the government is supposed to take care of its citizens- we give up our freedoms for protection and care. (I also think that we should be like France, who's ahead of the game with universal health care AND a movement toward universal housing, but that's just me being a bleeding-heart liberal). Social security needs to change, there's no doubt about that.

I just don't know if there will be an answer for it. Sources: my oppinion Manda's Recommendations How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor Amazon List Price: $16.95 Used from: $8.50 Average Customer Rating: 4.5 out of 5 (based on 28 reviews) Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age (Finish Rich Book Series) Amazon List Price: $14.95 Used from: $8.15 Average Customer Rating: 4.0 out of 5 (based on 81 reviews) The Retirement Savings Time Bomb .. . And How to Defuse It: A Five-Step Action Plan for Protecting Your IRAs, 401(k)s, and Other RetirementPlans from Near Annihilation by the Taxman Amazon List Price: $16.00 Used from: $9.75 Average Customer Rating: 4.5 out of 5 (based on 28 reviews) .

We already had the Baby Bust The "baby boom" was actually a short-term raising of fertility rates (number of children born to each woman) that has been declining since the beginning of the 19th century. (Source: American Economic Review) Fertility had bottomed out around 70 births per woman except for the baby boom. The article actually suggests that the effect of World War II is something of a red herring, and the real cause is the rise in wages and lifesaving technology that occurred a generation before the war.

The baby bust is caused by the same effects as the long-term decline, as people adjust their behavior to the new technology. Whatever caused it, the effect on Social Security is the same: we have a lot of people all retiring at the same time, with far fewer children to support them in retirement. But the baby bust isn't the real problem.

The real problem is that the same life-saving technology that caused the boom in the first place is causing people to live much, much longer. When Social Security was passed in 1935, the average life-span was 61, and SS kicked in at 65. In fact, we've started paying benefits earlier now; you can get reduced benefits at 62.

Today the full retirement age is 67, but the average lifespan of an American is 75 years. The average person can expect to spend 8 years on social security; when conceived, the average American wouldn't expect to receive SS at all. So yes, there is a dearth of workers, but it's not due to the baby bust; it's due to the retirees themselves.

There are a whole host of complex economic factors at work after that: fewer people means potentially higher wages, since demand for labor will be higher. That depends critically on what sorts of exports America makes. Currently, we export a lot of high technology items, bringing in a whole lot of money, and we import very inexpensive food and clothing (as well as other stuff) from other countries.It also depends on who is doing the labor.

Inexpensive low-skilled labor imported from other countries do a lot of low-paying jobs, but there will be a lot of money in the form of liquidated retirement savings available to people serving the retirees. That will effectively raise wages, making it easier to pay those social-security payments. But if that money is pulled out of long-term technology investments, which pay dividends, and invested in short-term activities (like leisure and medical care) that can have a bad effect on the economy as a whole.

We depend on those technology investments to keep us ahead of other countries, so that we export high-cost items and import low-cost items. The upshot is that the picture is incredibly murky. I don't want to give the impression that I'm happy about any of this; I'm very worried about a vast swath of the nation retiring and living off their savings without producing, which makes us as a nation less valuable and therefore of much lower income.

Worse, economic stumbles could finally dethrone the dollar from its place as the world's stablest currency, making it even less desirable and falling further.

BAd news Bad news, I don't think there is any actual money in the SS trust fund. The govt raided it about fifteen years ago. All there are are IOU's..

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.