’60s Generation Heads Into Their 60s
Paul Jacob, the featured speaker at the GRIH’s annual dinner on November 3rd, recently took note of a momentous day in the history of the Woodstock Generation:
“On the Ides of October, the first baby boomer applied for Social Security retirement. A Maryland teacher, born a second after midnight on Jan. 1, 1946, will become eligible to receive early retirement benefits next New Year’s Day.
And so begins the next crisis.
When Social Security was set up, its supporters pooh-poohed critics who warned that by not investing the collected funds, the government was setting up a major fiasco. The pooh-poohers were wrong, of course; the skeptics, right.
Now, all those baby boomers whose FICA withholding kept the system afloat for years will begin to drain funds. Soon, the money going to retirees will far exceed money coming in. Hence the crisis.
What to do?”
Read the rest here.