Baby Boomers are living longer, but retiring earlier and saving less. This is a bad formula for the future of Baby Boomers and for the future of Social Security.
Younger generations today, like Millennials, would call this a major “FAIL”.
According to Government sources, in 27 years Social Security won’t have enough tax income to cover all of those who are eligible for it.
So, is it time to raise the retirement age? Will that even solve or put a dent in this mess? This recent report from CBS Evening News, “Baby Boomers Facing Retirement Crisis”, does not paint a very rosy picture:
BTW, on the bright side, it looks like Millennials have wisely started saving for retirement much sooner than Baby Boomers:
New data show millennial workers began saving for retirement at age 22, compared to 35 for baby boomers. http://t.co/Co7iGwuBnL
— MarketWatch (@MarketWatch) September 3, 2014