4 Facts on Baby Boomers and Social Security

This is the fifth in a series of baby boomer facts:

• Retirement Planning
• Labor Market
• Social Security
• Mortgages and Home Ownership
• Medicare and Life Expectancy
• Parenting

The next few blog posts will give you a taste of what is happening.

Here are four facts as they relate to Baby Boomers and the Social Security:

1. Starting on January 1^st 2012, 10,000 boomers will become eligible for full retirement benefits every day until December 31, 2031 (when the last baby boomer turns 67).
2. In 2010, 45% of those who applied for social security retirement were 62 years old.  These applicants only get $750 of every $1000 that they would have earned if they had waited to their full retirement age of 66, losing 25% of their retirement.
3. The same report said that 3 out of every 4 people who applied for social security in 2010 were below their “full retirement age” of 66.
4. In 2020, it is expected that Social Security, Medicare, Medicaid, and the interest of the US debt will take up 92 cents of every dollar that the federal government brings in.

What are your plans for Social Security? By the way there was a great Scott Burns Article on this recently.

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Marc Miller Career Design Specialist