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Essay On Baby Boom

978 Words4 Pages

Have you ever wondered if your beloved old aged grandparents could be affecting you financially? Here is some background information. Your beloved grandparents were most likely a part of the “Baby Boom” generation (classified as born from about 1946 to 1964). In the late 1970’s to early 1980’s the “Baby Boom” generation overtook the work force and was the main contributor to the economy. Now that the Baby Boom generation aren’t even close to babies anymore and they’ve worked for 30+ years, they are starting to retire and take advantage of the resources that the government has for them once they reach the age of 65. One example of those resources is Social Security. In 1980, more people were working and paying in to the fund than there were …show more content…

One common theory is to raise the retirement age. People have started living longer and longer which means they use social security longer and longer. “When Social Security was adopted, men reaching age 65 could expect to spend 13 years in retirement , or 16 percent of their lifetimes, she said. Today a male retiree will live 18 years on average beyond 65 and spend 20 to 25 percent of his life collecting Social Security benefits” (Hamilton). So what would be a good age to start receiving benefits? 70 years old has been the most popular proposition of them all. The most commonly asked question is: Even if the retirement age is raised, what effect will it have on the economy? I believe raising the retirement age is a terrible idea. Despite the impression left by some, the average Social Security retirement benefit today is modest. Only $15,500 per year overall for men with an average of only $13,200 per year for women. When people aren’t able to receive benefits for 5 more years, it is like cutting these benefits by 20 percent or more and will result in millions of today 's workers facing poverty at retirement (Raising the Social Security Retirement Age: A Cut in Benefits for Future

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