First boomer applies for Social Security The nation's "first" baby boomer, a retired teacher from New Jersey, applied for Social Security benefits Monday, signaling the start of an expected avalanche of applications from the post World War II generation. ... The beginning of the end.
Statisticians correct me if I'm wrong but there are now more Americans under the age of 18 than baby boomers.
and nearly all of them either have, or are destined to have, low wage service industry jobs their whole lives. whats yer point.
Doesn't matter, when this group reaches working age the ratio of retirees to workers will be down to 2:1.
Actually, if we don't let immigration get out of control, they'll have high wage service jobs until the geezers run out of money.
I thought we were down to 3:1 ratio from 8:1 on how many workers it takes to support an SS recipient?
Puh-leeze...You want me to open up a can of whoop-ass on your post? There are plenty of high wage service jobs...the service industry isn't comprised of only janitors and cashiers, you know. Anyway, my solution...Save America, Kill a Senior Citizen! Young people kill young people every day, so why not take a day off and kill old people?
They will never get my money! I plan to fake my death and move to the Bahamas. There I will live out my life in tax-free harmony.
Yep. People born from 1940 to 1960 had the good life. Especially as they blew their disposable income and didn't save enough for retirement. Selfish pricks.
I guess it would be considered bad timing to point out all the aborted babies that could be working paying for Social Security as well?
but how many of those aborted babies would have been to single mothers who were unable to care for them in poverty, putting them on the gov't teet for life?
Briefly on CNBC earlier today they had a financial analyst talking about preparing for retirement and how people aren't saving enough. He stated it used to be you worked from 18 to 65 and were only alive for 2 or 3 years afterward. It's now that people want to work from 22 to 55 and people expect that money to last 40 years or so after retirement. Retirement money lasting longer than the time you worked. Good luck with that. At some point there will have to be a nationwide reckoning on this.
I'm not really counting on Social Security for my retirement. If it's there, great. But also I wonder, what will happen when all the boomers take their retirement funds out of the stock market. Can the stock market handle it? What percentage of the overall market are retirement funds from baby boomers?
That's my plan although I save 19% of my paycheck in my 401k, have almost a quarter million in there now and am about 15 years away from retirement. This all depnds on, of course, the college tuition costs for my three kids.
Exactly. If you are in an industry that serves the elderly, you'll be spending their 401k. Lots. That's why a lot of my money is in foreign stocks. We're already seeing the inflationary effects of the dollar moving around although we haven't yet seen the effects on working wages. I believe this is large part due to illegal immigration.