When we baby-boomers retire. . .

“We know that the Social Security system will be in big trouble when we baby-boomers retire.” Actually, we don’t know that. Current estimates — that is, if nothing were to change from how it is now — have the system paying full benefits for at least 40 years. Most boomers will be dead by then.

That isn’t to say that the system doesn’t need to be adjusted (lifting the cap or adjusting some rates), but these needn’t be massive overhauls of the whole system.

Baby boomers don’t realize that it won’t be long until they no longer have a ‘lock’ on keeping Social Security as it is once they are no longer in the majority of Voters. Eventually, they will become a minority. If I were in their shoes, I would fix Social Security now in a way that they can live with, or the ones they expect to pay for them will fix it in a way that will hurt them badly. I’m 42 and among the first of the Baby Busters. Most of my contemporaries want means testing for everyone beginning immediately. Keep Social Security as a safety net but cut off those who don’t need it. In just 10 years, the Boomers will be ages 52 – 72 which means that there will be 34 years of voters younger than them who are seeing their grandparents and great grandparents not only having all the wealth but eating up their income too. Let them spend their 401k’s and let us keep our incomes, but they can’t have both once there’s enough of us to change it. Grandma needs help? Fine! But if not, then don’t put us in the poor house. I don’t think they realize the growing antagonism that generations after them have toward their hedonism. Now that’s something to think about.