Thursday, January 1, 2009

Silver Tsunami

On February 12, 2008, America's first baby boomer, Kathleen Casey-Kirschling, received her first Social Security payment. That was just the beginning. Over the next 20 years, 80 million boomers (those born between 1946 and 1964) will begin collecting Social Security. That's an average of more than 10,000 per day. The wave of retiring boomers has been dubbed the "silver tsunami".

When World War II ended, there were 44 people paying into Social Security for every retiree. Now only three people pay in, for each person taking out, and it could be bankrupt by the year 2043. So, if Social Security doesn't benefit from boomers retiring, who does?
Courtesy: Will Ashworth

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