The oldest of the baby boomers are now 66. Over the next 10 years, most of the largest population group in the US will be tapping into Social Security, Medicare, will be pulling their money from their IRA accounts (ie, selling stock), and leaving professions like medicine and engineering.
So how will this drastic shift impact our economy?
March 8th, 2010 at 7:05 pm
It will be the end of Medicare as we know it.
And that rationing that doesn’t exist will get worse.
March 8th, 2010 at 7:48 pm
it will open up more jobs.
March 8th, 2010 at 7:52 pm
It will be a drain on public services. However, IRA (excluding Roth accounts) withdrawals will result in tax revenue as will estate taxes. Finally, once the Boomers reduce in numbers, then the drain on public services will be reduced
March 8th, 2010 at 8:50 pm
All the money these people have paid in and worked all their lives for will get distributed to many with terrible work ethics.
March 8th, 2010 at 9:06 pm
We probably won’t retire even though we paid massive surpluses into Social Security over the last few decades.
We know that all the money has been spent as part of the general government funds while the fake tax cuts were handed out.
March 8th, 2010 at 9:10 pm
When they turn 70, they will be forced to withdraw their savings. When this happens, the number of people withdrawing money will be greater than people making deposits. This will cause an endless recession.