The Baby Boomer Effect
Baby boomers have been reshaping the demographic landscape of the U.S. for over seven decades and continue to do so as more transition into their golden years, a phenomenon often termed as the “gray tsunami.”
The 2020 Census will offer the most recent count of the baby boom generation, currently approximated at around 73 million. Born in the post-World War II era, from 1946 to 1964, the eldest of the boomers will celebrate their 74th birthday next year.
In 2010, when the previous census was conducted, the oldest boomers hadn’t yet reached 65. Since then, approximately 10,000 boomers per day have achieved that age milestone and by 2030, all boomers will be 65 or older.
The Economic Challenge to Social Security
The impending retirement of the baby boomers, the largest generation in American history consisting of 76 million individuals born from 1946 through 1964, presents a financial challenge for Social Security. Boomers began hitting the age of 62 in 2008. As the over-65 population grows faster than the workforce, Social Security costs will increase more rapidly than tax revenue.
Despite the retirement of the boomers, the rise in Social Security costs is anticipated to be marginal as the retirement age increment and other reductions implemented in the 1980s have already curtailed benefits.
Our Strategy for Social Security Optimization
Our team is dedicated to assisting baby boomers as they navigate the complexities of Social Security benefits during their approach to retirement. This is a vital component of retirement planning analysis. In our consultations with individuals or couples, we provide insight on how choosing one benefit can affect the other spouse’s benefit. Therefore, it’s imperative to evaluate all income sources prior to making decisions about how to select Social Security benefits. Our team utilizes a specialized software analyzer which helps illustrate the optimal path for maximizing benefits, taking into account your marital status and other factors. The report generated by the software is shown below:
Sample Report
