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Archive for October, 2014

The Social Security Breakdown

baby boomerIt is no secret that the Social Security program is faulty. From backlogged benefits applications to check amounts less than sufficient for providing for the elderly, there is a real problem among the Social Security agency. As you may have heard your parent’s say, it’s hard not to wonder whether the program will really be around to help the younger generations in the future.

 Dwindling System

For years people have been highlighting the need for revision in the Social Security program, but the system continues to suffer with each passing year. The biggest problem putting pressure on these funds: demographics.

The baby boomer generation is now entering retirement, which means that the largest amount of Social Security benefit recipients is about to start collecting. As more baby boomers enter retirement there will be more people receiving benefits than workers contributing to the fund. It is expected that by 2033 there will be 77 million retired Americans, compared to only 46.6 million today. That is a large increase in Social Security recipients. Further, this same generation is also likely to collect from the system much longer as the average life expectancy increases.

The baby boomer retiree generation also faces a unique problem, economic hardship. Many aging citizens are being pressured back into the workforce simply because they cannot make ends meet. From debt to failed savings, retirees these days are entering their Golden Years with owing more than they have saved. This economic hardship only makes a bad situation worse for those trying to eek by on a less than promised Social Security system.

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