Boomers prepare for Social Security
More than 75 million babies were born in the United States between 1946 and 1964.
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#1 Jun 22, 2012
What they should prepare for is the fact that Social Security is running out of money.
The 2012 Trustee's Report details the exhaustion of the Social Security trust fund reserves in 2033, three years earlier than projected last year ( http://1.usa.gov/Kg5KuF ). Yes, it is true that even after the fund is exhausted Social Security will be able to pay 75% of benefits, but how is being able to meet only three quarters of its obligations acceptable?
Clearly, something needs to be done and reform must take place: either by raising the wage cap, by increasing the retirement age to keep pace with longevity, by means-testing and eliminating benefits for very high income seniors, or by some combination of these proposals.
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