what are the baby boomers, when are they (the babues)going to be needing social security?
351071
The Baby Boomers are people born after WW II.  They have already started to retire, and are going to continue to retire for the next 15 years.  Some are already gettting SS.  Odds are that our taxes are going to go up, and there will be nothing left when we retire.
1116648
You've got some really great answers on here. I'm an especially big fan of "it's there own fault they are poor." Spelling on that would be "their" by the way. I just love these generalized comments. They don't take into consideration people who lost jobs, people who were abandoned at birth and never received a proper education but were continuously passed through our foster care system or elderly folks who never had a chance to save because their money went to their families and now they can't survive on a Social Security check. Nice empathy there.
427969
I would give it to my parents to save up for their retirement my dad works in construction and he has no 401k or any kind of plan for retirement when he can no linger work that's it for them they are just gonna live on social security checks which we know is not enough to live on...I know that 50gs is not enough to live on for a long time but its a start better than nothing.
820515
In 10 years, based on current estimates.\n\nAs for the general fund thing - social security receipt surpluses have always been 'borrowed' to pay for general fund outlays. That's why social security is a tax, but not an entitlement. There's a bunch of IOUs in the "lock-box". Guess who gets to pay back those IOUs?\n\nYes, WE do! More tax, isn't that great?\n\nHey, why not thank all the people who fought against Social Security reform? Gee, thanks, guys!
815592
You MUST have their social security numbe to begin doing anything.
1135858
same as everyone else.  Social security and if they want some kind of 401K or retirement plan offered by their university.
986121
It's all about the money! They know the people are dead they just want the taxes and they won't have to pay out the SS benefits to the illegal. Keep those tax dollars roll'n in. Try to keep SS afloat. Got to pay for our wars you know. Besides who cares? Most of them work at Taco Bell, KFC, Pizza Hut, and Wal-Mart. ;)
830842
In 1936, the federal government published an informational pamphlet on Social Security.  It stated:   \n\n"…and finally, beginning in 1949, 12 years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year.  That is the most you will ever pay."\n\nhttp://www.ssa.gov/history/ssn/ssb36.html\n-----\n\nHELL YES !!!\nBut I guess I'm just too stupid to take care of myself, so politicians will do it for me.  Yep, I'm too stupid to save my money properly.  Yep, I'm too stupid to buy the proper insurances to protect myself from unforeseen events.  Yep, I'm just too stupid.\n\n.
359725
No, the problem is multi lateral.\n\nThe main issue is that starting in 2011, there will be more people getting benifits than those that are paying into the fund.\n\nWhy 2011?  The "Baby Boomer" generation will start to retire.    Because of the development of birth control and abortion they did not adequately reproduce themselves in order to sustain the program.  Hence our population demographics now resembles a sort of reverse pyramid... with the greater percentage of those becoming older moving to the  top.... So what happens?  It naturally falls and collapses.\n\nThe second issue is that the Social Security fund is used as a cash money 'grab bag' Not enough money in the budget for Senator Wastepennies project?  Get it out of Social Security.  The result is that there's nothing in there but a big I.O.U. and the populace is basically paying the benifits as we go along.
354443
I'm a baby boomer and I completely agree with you. What you didn't mention is that we are probably one of the single most self centered and selfish generations around. You can thank the poor educational system, widespread family breakdowns, multigenerational welfare families, and various unwinable wars on us and our refusal to acknowledge reality. Good luck. You'll need it.
992598
ric should be getting mircle ear,  social security and living in an old folks home.  retire!!!!!
281686
It's to late, it's called your social security card. Our grandparents really bought a bill of goods with that one
567000
The two things are unrelated.\n\nWhen Social Security began the lifespan was only slightly over 65. Recipients, on average, received benefits for only a few years. Today the lifespan has increased to, last I heard, 77.6 years.\n\nFurther, family size has shrunk and therefore there are less young workers to support each retiree.\n\nThus, in 1950, there were 16 workers to support every one beneficiary of Social Security. But today, there are only 3.3 workers supporting every Social Security beneficiary. \n\nBy the time the Baby Boom generation retires there will be only 2 workers to support each retiree.\n\nThe Social Security system is not nor was it ever an actuarially sound insurance program. Its closer to being what is usually called a Ponzi Scheme. It depends on current "contributions" (which is to say taxes) to pay for current benefits.\n\nThe bottom line is that in a few years every couple of workers will be supporting a retired person. Think about that. You'll not only have to take care of yourself but your half of the living expenses of a retiree.\n\nSomething has to change.
1182297
Until it's gone.  The surplus SS funds are spent on other programs every year, rather than being saved for the retirment benefits of baby boomers.  More people are putting into the SS fund(babyboomer generation), than the number of people currently collecting.\n\nChile had the same problem and took measures to phase out their social security program, by privatizing it.  This is something Republicans want to do and Democrats are fearful of, I wonder why?  Democrats won't have access to SS funds if they are private, that's why.  Democrats won't be able to borrow SS money and give it to "tax draining" social programs.  Republicans want you to save money for your retirement, they also want that money to be there when you retire.  If the Government is allowed to borrow from it like it has every year, chances of it being there when you retire are less.  If You and the Gov. can't touch the money, it will be there when you retire.
1052463
The geniuses in Congress have been wasting the social security surplus for years -spending it on general government operations.   That is part of the reason SS is in trouble.\n\nWe are also almost 9 trillion in debt.  So unless something is done soon, both SS and the government are fcked.
220583
No, it is backed by the full faith of the United States government. Having said that, there is kind of a "bulge" of retirees starting right now, because the Baby Boom generation was so large.\n\nThis is going to cause a problem in making all the payments: either taxes are going to have to go up or benefits are going to have to go down and it will probably be a bit of either.\n\nAlready, they have raised the retirement age for young people from 65 to 70. It will probably go higher.\n\nThe real fiscal problem looming is Medicare, not Social Security, but no one wants to try and fix that problem.
290925
We Baby Boomers are getting old.  Therefore, anything which deals with the needs of seniors is a growing field.  Medical professions, of course, and leisure time activities, hobbies, entertainment suitable to seniors.  \n\nOne area of growing interest is collectibles.  We all had so much stuff run through our fingers that we now wish we could have back.  There's a book out for doll collectors titled "I Had That Doll!"  The exclamation point in the title tells it all:  I let it get away from me, and I want it back.  Only now, it's very expensive.\n\nAnother important field is investments.  We mostly all have fears that the Social Security system will be a joke by the time we get to it, if it isn't already.  We have IRAs and 401Ks, and we need young, savvy, computer literate investment counselors to help us stop being afraid of old age and running out of money.  (Come to think of it, the collectibles field is also an investment field, if done with smarts.)