THE NEW RULES OF RETIREMENT SAVING • 25
An average of 10,000 baby boomers retired every day. In retire- ment, they’ll start receiving their Social Security checks. ³ A report by the Social Security Administration summed it up like this: “[After] 2015, almost 33 percent of our workforce, in- cluding 48 percent of our supervisors, are eligible to retire.” ⁴ Nearly a third of our workforce is eligible to retire! Younger generations are going to have to work VERY hard to support them all. When I ask clients who are in their forties and fifties about So- cial Security, most answer, “It will be great if I get it, but I’m sure not counting on it.” It’s a good stance to take if you’re under sixty. Because when you have two workers supporting one retiree, you can’t deliver the same benefits as when nine workers were supporting that same retiree. Balancing Your Stool With the employer leg and government leg of your stool sawed off (or at least sawed much shorter!), people like you are trying to balance on the one remaining leg: what you alone are able to save.
³ Smart Asset. September 8, 2023. "What Retiring Baby Boomers Mean for the Economy." https://smartasset.com/retirement/baby-boomers-retiring ⁴ Social Security Administration. 2012. “Annual Performance Plan for Fiscal Year 2013.” http://www.ssa.gov/performance/2013/FY%202013%20APP%20and%20Re-vised% 20Final%20Performance%20Plan%20for%20FY%202012.pdf.
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