Group 6 Rafael Ramos Codeco Paul Yu Catherine Chien Can Baby Boomers Confidently Retire with Social Security in the US?

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Group 6 Rafael Ramos Codeco Paul Yu Catherine Chien Can Baby Boomers Confidently Retire with Social Security in the US?

SOCIAL SECURITY & MEDICARE  Started in 1935, Social Security Act.  OASDI=OASI+ DI (Old Age, Survivors and Disability Insurance)  HI: Hospital Insurance (Medicare)  Payments to current recipients are funded mainly by taxes levied on current workers.  By 2031 age 65+ are projected to 75 million.  Beneficiary-to-worker ratio will rise from 35/100 in 2012 to 46/100 in 2030.

2014 SOCIAL SECURITY & MEDICARE TRUST FUND REPORTS  Since 2010, cost exceeded its tax income and projected to continue in the long run.  Financial challenges need to be addressed ASAP.

BABY BOOM GENERATION  Born in 1945~1964, Post–World War II  76 million persons  life expectancy has risen gradually (79.86 at 2014)  Expectation of Retirement  Enough money for living/housing  Enough Coverage from Government Decline Fertility Rate  Worsen Crisis of Social Security Deficit  Elderly Dependency Ratio is rising. No. of employees are declining after 2010.

LOOK TO THE BRIGHT SIDE  Government:  Raising the taxable earnings cap/tax rate  Investing part of Social Security funds in equities  Extending Social Security coverage  Raising eligibility age (ex. from 65 to 68)  Retiree: A realistic retirement plan  Reduce living expenses  Choose a post-retirement career  Carefully allocate assets  Improve health condition

CONCLUSION  Elderly dependency ratio is rising  declining fertility/life expectancy/baby boomer’s retirement etc.  Financial challenges of Social Security need to be addressed ASAP.  Baby boomers can confidently retire if  Improved financial situation of Social Security  good investment strategy  Set an acceptable/affordable standard of living  Comprehensive retirement plan

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