In 2008 the first group of "Baby Boomers" will be 62….?
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My Boomer Tips
...Do you think the majority will start collecting social security?
Will the majority start taking their benefits or wait until they get older? what do you think will happen to the economy?
…it’s an easy answer for me on a personal level. My wife and I plan to delay taking social security until we must start to take it. The reason for us is the same as it will be for virtually all the others who make the same decision. Namely, we plan to live long enough to make it worth our while to do it that way.
People in the know tend to agree that if you can make it to 80 then the right decision is to delay signing up for Social Security.
Science is now saying as many as 25% of the boomers are going to make it to 100, with many more giving out within spitting distance of the century mark. Getting to 80 ought to be a snap for a lot of us.
So my bottom line answer to your question is the majority will agree with me. Perhaps as many as 60% will wait.
To answer your second question, the economy ought to give us an echo of the "Boom’ as we all go about the business of spending money. We just bought a new house, all new furniture, two new cars and that’s just the beginning. The only downside to life for many of us is all those darn Grandchildren we have to sit for or raise.
If you’re in the stock market – be a buyer…
The economy? your economy went down the drain years ago. just add their SS to the 14 trillion defecit and keep watching it rise
It’s 2010
2008 is so 2 years old
2008 already happened, dear. Most of the boomers will take SS at age 65.
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Let’s cross that bridge when we get there.
I would take it at the earliest if I was eligible and try to get back all I can of what I paid into it before it goes broke or i die.
78 million people were born between 1946 and 1964, which is defined as the baby boomer era, the largest in American history. (U.S. Census)
The first baby boomers are turning 64 this year (2010)
Another question they wish not to discuss
…Ten Years the Dow Jones/S+P500 made zero%…=.. your 401k..or if your trying to retire they’re averaging you down,…. your 3 year average.
I think the majority of boomers will work full-time if they can and they like what they’re doing. Most of us don’t have a farm to "go home" to, and we don’t want to sit and do nothing. Now, if some of these boomers are also in line for wondrous retirement packages from their companies, that’s a different matter. Retire, yes, but not collect Social Security until a few more years down the road. I can see that.
Most people like working. For most people retirement will not be 52 weeks of vacation for the next 15 years. If someone hates their work and can afford to live on the approx $800 for a single person, then you can make more by working part time or taking a job that pays less but interests you.
The other reason is purely economic. The difference between early retirement and retirement at 66 is 30% of social security. For a single person that’s about $3500 a year and you would be expected to live another 15 years – that’s $52,000; for a married couple over $100,000 you would not collect. And it may not just be social security. When I crunched my numbers I found if I took early retirement, between my pension and social security, I would be collecting $8,000 a year less and since I am putting away $1,000/mo in savings my nest egg would be almost $50,000 smaller. Early retirement just doesn’t make sense
I think that those most in need of Social Security payments in order to survive economically are the same individuals who will continue working several years beyond any traditional retirement age, and will delay taking benefits in order to increase the amount. Likewise, those who have made adequate preparations for retirement will delay taking payments.
However, it is inevitable that within the next decade the social security system will take a hit from retiring boomers. It will not be pretty for the system or the economy. Politicians should start coming up with some answers now.