Baby Boomers in 2030 - Will we still have Social Security?
We have been hearing about the possible to demise of Social Security for years, but a look at the demographics of the U.S. in 2030 gives us a really clear picture of the problem. MarketWatch gives us U.S. Census Bureau projections, as they effect those of us in the baby boomer generation. It will also affect those of us who are in business and who may still be in business in 22 years.
Consider this:
- By 2030, all of us baby boomers will be over 65. Yes, we’ll all be on Medicare, most of us receiving Social Security.
- On the other hand, the number of those who will be working to support us (those aged 18 to 64) will have declined, to only a little over half of the population.
you know what that means - there will be fewer people contributing the to Social Security pool will be fewer and the number receiving Social Security will be greater.If there is still any Social Security, that is. Are you prepared for this?? What do you think? Will we still have Social Security in 2030?
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POSTED IN: Boomers nearing retirement, baby boomer voters, national retirement planning month
2 opinions for Baby Boomers in 2030 - Will we still have Social Security?
Sonny
Aug 19, 2008 at 1:39 pm
It is clear that the US Social Security system will fall into debt within the next ten years, and is likely to run out of money over the next several decades.
Without change, today’s young adults will be hit hard. It’s a structural problem that can’t be fixed with little tweaks. Now is the time to fix it.
We are producing a series of short internet videos to explain this issue to everyone. Watch the first one here —
http://www.youtube.com/watch?v=Zyvx_r4UB9Y
carol stanley
Aug 19, 2008 at 4:29 pm
Who knows??? I guess to counteract this possibility people better start making good investments, saving dollars and planning ahead. It could happen of course…Makes you not want to keep having it taken out of your paycheck????
Carol stanley author of For Kids 59.99 and Over
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