10,000 Baby Boomer's a day will retire for the next 19 years. Lets discuss this....

[Quixote1818]

How many people were retiring a day before this, anyone know?

How will this impact the unemployment rate for the next 19 years? Is this good news for young kids coming out of college?

How will this impact the economy?

What will be needed to keep Social Security and other programs seniors depend on solvent?

Anything else you want to bring up.

[flamingdem]

1. Does anyone know where's the party?

Could be fun! Nothing to do but sit around and remember the 60s, 70s and 2012.

[dflprincess]

3. How many elderly hips will break

as they try to prove they still have "Moves Like Jagger"? (And don't blast me for this I'm a boomer myself)

[leftofcool]

4. LOL! We just bought a house with steps up to the bedrooms and steps down to the basement...........

Guess how carefully we walk?

[flamingdem]

5. That's the number one reason we need Obamacare!

It would be nice to have good physical therapy coverage, then we can do the "twist" into our 90s!

[leftofcool]

7. Works for me.

[dflprincess]

10. We'll have Medicare

(hopefully and I'm still 5-1/2 years away from it)

but they do need to improve how much therapy it covers - that part of it really sucks. They should take a lesson from the NHS where they really do work to keep Seniors living as independently as possible.

[leftofcool]

2. 18 more months for hubby to age 66. We are done. Going to be part of the 47% who

becomes a drain on the government by drawing our social security and after 50 years in the work force will not be taking any responsibility for our lives.

[MichiganVote]

6. Or not. Afterall, we have to support the tax breaks and loopeholes for the aholes.

[2Design]

8. some of us will have to work until we die because we don't have income AND

we haven't had a decent job for years - maybe we can fill some of these vacancies

[Quixote1818]

9. I read somewhere that 40% of Boomer's plan to work until they die. nt

[Sekhmets Daughter]

11. Boomers began retiring and collecting Social Security in 2008.

That's because many choose to retire with less than full benefits at age 62....
The first Boomer Medicare enrollments began in 2011.

Under normal circumstances it would be good for the economy and good for college graduates, but the devastation 401Ks suffered in the financial fiasco has caused many Boomers to put off retirement. Also, corporations have taken to reducing their work forces and are not replacing retirees as readily as they used to.

The Boomer generation is both the richest generation to come down the pike and the generation least prepared for retirement....Income inequality has effected this generation more than any other since the Gilded Age. Therein lies the problem. I read somewhere that fully 50% of the work force in the US has no retirement plan other than Social Security.

Had wages kept up with GDP growth over the past 30 years the median wage in 2010 would have been $92,000 rather than the $50,200 it was that year (It has fallen since) and Social Security would be completely solvent.

They will need to remove the cap on wages subject to the payroll tax, raise the retirement age for white collar workers, and means test all benefits. They keep changing the way they calculate inflation so they can give less of a COLA increase to SS recipients, so now those increases don't come near to covering the increased cost of food and fuel. But the best thing that could be done is to stop the outsourcing of good paying jobs, raise the minimum age to a living wage (Australia recently raised their minimum wage to $15.51 an hour) and all wages will rise, tax all income as earned income which would rein in Wall St.... There is a direct correlation between the rise in the DJIA and falling wages.

Just some thoughts...

[Quixote1818]

13. Good thoughts...nt

[MannyGoldstein]

12. Social Security has planned for this for many years

Since the 1980s. It has a $2.6 trillion surplus in its trust fund, and will be completely solvent unless the economy never goes back to anywhere near where it was for the last 70 years.

[ErikJ]

14. Greenspan Commission DOUBLED payroll taqxes

1) President Reagan appointed Greenspan as chairman of the 1982 National Commission on Social Security Reform (aka The Greenspan Commission)

2) The Greenspan Commission recommended a major payroll tax hike to generate Social Security surpluses for the next 30 years, in order to build up a large reserve in the trust fund that could be drawn down during the years after Social Security began running deficits.

3) The 1983 Social Security amendments enacted hefty increases in the payroll tax in order to generate large future surpluses.


http://dissidentvoice.org/2010/04/how-ronald-reagan-and-alan-greenspan-pulled-off-the-greatest-fraud-ever-perpetrated-against-the-american-people/

[Sekhmets Daughter]

15. Yes, but they never took into consideration falling wages.

[malokvale77]

19. Yes, but the republicans have borrowed heavily...

from that trust fund, and they don't want to pay it back.

[gottavote]

16. I iz one. Boom!

We mostly don't look old, feel old, or act old. Many of us are still taking care of our parents. I'm planning 2-3 "retirements". Want to work and be active in community activities. Planning on college courses I never had time for. We aren't rich but many of us are "comfortable". We are the reason Obamacare passed. The real challenge will come in 20 years when we are old old and still here. Many jobs available starting in about 2025. Until then, nobody has figured out where all generations will work.

This is a major part of the "European Crisis", the "Asian Crisis" and political gridlock. (How many US Senators are over 80?)

World War II had many aftermaths. The time bomb has gone off and nobody knows how it will work out. We live in interesting times.

[Zalatix]

21. Many jobs available starting in about 2025. What jobs are those? And where?

[Luminous Animal]

17. The generation prior to the baby boomers sucked it up and educated them.

We can suck it up and support them through their retirement.

[loyalsister]

18. Some see too many baby boomers NOT retiring as a burden

A friend mentioned that he sees people who are in their late 60s + still working at an insurance company where he works in office support. He suggested that some people should retire so that someone who is trying to feed a family can have the job. I don't know how common that is, but he does have a point.

[aletier_v]

20. They won't be retiring without Social Security

I speak as one of that group.

Neither I, my brother or my sister will be retiring unless we get a lot of more cash out of the deal.

[SoCalDem]

22. Everyone has known about us since the 40's.. We are not a stealth-generation.

We also PREPAID for our SS benefits from the Reagan era. (we got it DOUBLED) ..It was the plan for us to PREPAY our own AND bolster the shortfall for our elders..

The oldsters who ran things while we were mostly too young to object, broke into the piggy bank and stuffed it with IOUs..

Just give us back all the money that was "borrowed" all those decades , and everything's hunkydory

PS:
we got :

relentlessly recurring recessions
15% interest as we started buying homes
crazy housing inflation (rental and purchased)
re-jiggered inflation numbers to show us that inflation was not bad at all
plastic cards instead of raises
the advent of HMOs who jerk us around unceasingly
lowered wages for many/most and the coup de grâce of outsources/downsizes at the very time we were most vulnerable to them