can baby boomers confidently retire with social security in the us?
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Can Baby Boomers Confidently Retire with Social Security in the US?. Group 5 Sophie Lo Michael Chou Julia Brito Howard Chang. Facts About Boomers. 77 million people were born between 1946 to 1964, which is defined as the baby boomer era (U.S. Census). - PowerPoint PPT PresentationTRANSCRIPT
Group 5
Sophie Lo
Michael Chou
Julia Brito
Howard Chang
Can Baby Boomers Confidently Retire with Social
Security in the US?
77 million people were born between 1946 to 1964, which is defined as the baby boomer era (U.S. Census).
The first baby boomer turned 65 on January 1, 2011
By 2015, those aged 50 and older will represent 45% of the U.S. population
By 2030, the 65-plus population will double to about 71.5 million, and by 2050 will grow to 86.7 million people
In 2050, the number of Americans aged 65 and older is projected to be 88.5 million(21% of the US population in 2050.
Facts About Boomers
Birth Rate in USA
1.5
2
2.5
3
3.5
41940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
2035
2040
Fert
ilit
y R
ate
(num
ber
of
childre
n p
er
wom
an)
The Baby Boom
The Baby Bust
Birth Rates
Continue at Low
Levels
Increasing Life Expectancies
76
78
80
82
84
86
881940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
2035
2040
Tota
l lif
e e
xpect
ancy
for
indiv
idual re
ach
ing a
ge 6
5
Male
Female
Future retirees will live years longer than today’s 65-year-olds, and collect
thousands more in benefits.
In the Future, Fewer Workers Will Support More Retirees
1960: 5.1 to 1 Today: 3.4 to 1 2030: 2.1 to 1
As a matter of simple math, when the ratio of workers to retirees falls, each worker must bear a greater financial burden.
OASDI and HI Income and Cost as a Percentage of Taxable Payroll
