| Frank is approaching 40 and is realizing how poorly he | | | | born after 1960, the new retirement age is 67, and it |
| has planned for retirement. He always meant to get | | | | might go up! |
| around to it, but his good intentions never translated | | | | Baby boomers are persons who were born between |
| into having a well designed plan of action. Mark has | | | | 1946 and 1964. There are an estimated78.2 million |
| big plans for retirement. He wants to finish his novel, | | | | baby boomers, as of July 1, 2005. In the U.S. 7,918 |
| and do some traveling he and his wife have not yet | | | | people are turning 60 each day in 2006. That |
| gotten around to. But when will he be able to retire? | | | | amounts to 330 persons every hour. Over the next |
| And when he does retire, will he be able to afford | | | | 5-25 years, the baby boomer generation will transition |
| the travels he has planned? After the divorce, Susan | | | | from working citizens into retirement. This Impending |
| realized how little money she really had. She | | | | surge of retirees has become a source of national |
| immediately began saving and investing as much as | | | | concern for two major reasons. First, the population |
| possible. She wants to switch to from full-time to | | | | of retirees is predicted to grow much faster than the |
| part-time employment in about 10 years, and at the | | | | taxpaying workforce. Also, average benefits per |
| rate she's going, she should be able to accomplish | | | | retiree are expected to continue rising. Such |
| that without a problem. | | | | circumstances place strong financial pressures on the |
| The age for retirement was set at 65 by Kar | | | | U.S. federal government. Second, some researchers |
| Wilhelm in the late 1800's. Today, since people are | | | | have questioned whether baby boomers are |
| living longer, healthier lives, many persons are working | | | | accumulating enough savings to subsidize an adequate |
| full or part time well into their seventies, or longer. | | | | retirement. Not only could inadequate wealth leave |
| In fact, the full retirement age has changed and is | | | | baby boomers poorly prepared for the expense of |
| now dependent on the year of one's birth! Though | | | | retirement, it could compound the government's |
| persons can now begin to receive some retirement | | | | budgetary problems by limiting the growth of |
| benefits age 62, the full retirement age has increased. | | | | investments, productivity, and wages (which drive |
| To gave some examples, for persons born in 1941, | | | | federal revenues). Surely phone counselor will provide |
| the retiring age is now 65 and 8 months, for persons | | | | you further details. |
| born in 1957 it is 66 and 6 months, and for persons | | | | |