Baby Boomers: Living Longer + Retiring Earlier + Saving Less = FAIL!

Fail formula

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”.

Basketball fail

via KarmaJello.com

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:

 

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John Moneypenny is a Social Media Marketing Consultant in Denver, CO. He helps small businesses and entrepreneurs learn how to use Social Media Marketing to engage their clients, develop their brand, and increase profits.