Baby boomers and retirement: The stark reality
Summary :
Table of Contents
- Introduction
- The baby boomers: Painting a disturbing picture
- Consequences of the demographic-governments funding dynamics
- The public-governmental employee picture at the State and Municipal level
- Conclusion
- References
Abstract
We are constantly inundated with news about baby boomers and retirement, especially as it relates to concerns that baby boomers are not adequately prepared for retirement, and also worry separately about the state of Social Security in America. Many of the concerns that baby boomers have about retirement relate to three fronts: will their own retirement funding be sufficient in their "golden years"; will the federal government's Social Security (SS) fund even have enough money to pay SS benefits to future claimants; and will company-matched plans like 401k's be adequately funded by the time baby boomer employees elect to retire? These matters, in turn, then raise a whole new host of issues, including concerns by many baby boomers that they will have to work past 65 years of age (the customary age of retirement) just to make ends meet; that many companies have seriously under-funded pension plans, thereby threatening the future retirement payments to former and current employees; and the concern that only personally-funded retirement plans will work for younger Americans. In this last regard especially, this subject matter is of critical importance to my personal and future professional role as the choices I make with regards to funding my eventual retirement. Clearly, baby boomers' retirement plans are in jeopardy on a number of fronts, including governmental funding issues, underfunded company plans, and the lack of planning on the part of boomers. The message for the younger generations is one of self-reliance in the form of self-funded retirement and health care plans.
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