Bust for the Boomers

Michael Sheehan

Physician's Money Digest, July31 2004, Volume 11, Issue 14

American Demographics

In a little more than 6 years, the first wave of America's 76-million baby boomgeneration will reach age 65. By the time the last of the boomers, born in 1964,reach that milestone, the over-65 population of the nation will have doubled. Thepressure this huge influx of retirees will put on the Social Security system is staggering.A survey commissioned by indicates thatboomers realize that Social Security benefits are a weak underpinning for theirretirement finances. Half of those in the boomer generation think that investmentswill provide the bulk of their retirement funds, compared with 73%of the previous generation (ie, those born during World War II) who say theyare counting on Social Security to support themselves in retirement.