Thursday, July 31, 2014

Blaming Boomers for Social Security Crisis is a Crock!

Every time I hear a news report that Social Security is in grave danger and we have to make drastic changes to retirement benefits – I want to scream.  Every time they talk about drastic changes it is always about retirement benefits needing change – I want to scream. Yesterday CNBC suggested Boomers were going to bankrupt Social Security and I WANT TO SCREAM!

To a topic people don’t like to talk about.

Got it?  Do you understand that? 
Does it make sense to you?
Pay attention here – this is really important when talking about “aged benefits” and Social Security solvency. 
One webpage suggests Boomers are dying at a rate of 1 boomer dead every 35 seconds and they have a death counter for Boomers.
Because Boomers are a big part of the population - they will account for a large percentage of deaths over the coming years
- more than any age group
DEAD = not getting Social Security Anymore.

Life expectancy: 
Defined as
Average number of years an individual could be expected to live based on current patterns of mortality. (Public Health Agency of Canada)

Life expectancy in the US
78.4  (World Bank)
77.9  (CDC)
According to the Social Security Administration (2006) the life expectancy of a 60 year old male was 20.7 more years, a 60 year old female 23.78 years.
Based on those numbers we can pretty much agree that the US and the world reporting agencies agree that people are going to continue to die.

Wikipedia reports that there were approximately 76 million boomers born in the US between the years of 1946 and 1964.
·    3.4 million boomers were born in 1946  (US  Dept HEW -  registered and unregistered births recorded)
·    Boomers born in 1946 will reach full retirement age in 2011
·    40 – 60% of boomers born in 1946 don’t have enough money to retire in 2011 (depending on which article you believe) (Still working? = still paying into Social Security)
·    Boomers born in 1946 will start dying (on average) in 2026
o   In 2007 – 23,000 died; In 2006 -  26,000 died; In 2005 – 25,000 died  (CDC)
I could go on and on, Boomer birth year by Boomer birth year – but what’s the point - you do get the point don’t you – we’re dying. 

By 2043 over 97% of the Silent Generation will be dead
By 2043 over HALF of the Boomers will be dead (based on average current patterns of mortality).
By 2043 about 90 million people will be in the US workforce, paying into Social Security.

I'd write more
but why?

and besides - I'm a Boomer and  I’m dead tired.

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