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I am big fan of Scott Burns, a nationally syndicated columnist who has been writing about personal finance since 1977.

In the Austin American Statesman newspaper, there was an article published titled “Future of the economy is divided by age”.  As I wrote this blog the article was not available online It is now under a different title. — “The real doomsday: Less bang, more whimper” Go read this article.  It is quite thought provoking.

Scott writes:

“I compare my Social Security check with the pay of those who work at McDonald’s. As I have pointed out in other columns, the average social security check is now $1,230. It is not subject to employment tax, and at age 65 you also get great health insurance for $99.90 a month.

Workers at McDonald’s which is hiring, earn about $8 an hour, pay the employment tax and, most often, don’t get health insurance. Just as someone once asked how many cars $60-an-hour workers in Detroit could expect to sell to $8-an-hour workers in Peoria, we need to start worrying about whether millions of uninsured low wage workers will be capable of supporting the growing millions of well insured retirees who no longer work.”

He states the problem is so big that eliminating waste, fraud and abuse, cutting defense spending or just about anything else in the government will not solve this.

The Baby Boomer Retirement Paradox

If you have read my “Don’t Retire Even If You Can — A Baby Boomer Manifesto” you will understand the retirement as we have classically thought of it makes no sense.  If you have not read it download it now!

On the other hand, baby boomers are so ill-prepared for retirement that the point is moot.  That is why it is a paradox.  We think we can retire, which many cannot, and it is not a good idea to start with.

I produced the following Infographic late last year to illustrate the point.

Click on Image to View Full Size

Download the Fact Sheet with 24 facts that has the source data associated with the Infographic by clicking here.

What do you think? If you retire at 65 and live to 95 or even 100 years of age, will your money last or will social security be there as we thought? What about Medicare?

Think about it! Let me know what you think! We all need to re-think the concept of retirement.

I HAVE!

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Marc Miller Career Design Specialist