Posted on 10/15/2007 2:18:55 PM PDT by trumandogz
WASHINGTON — The nation's first baby boomer applied for Social Security benefits today, signaling the start of an expected avalanche of applications from the post World War II war generation.
Kathleen Casey-Kirschling, a former teacher from New Jersey, applied for benefits over the Internet at an event attended by Social Security Commissioner Michael Astrue. Casey-Kirschling, who now lives in Maryland, was born one second after midnight on Jan. 1, 1946, making her the first baby boomer — a generation of nearly 80 million born from 1946 to 1964, Astrue said.
Casey-Kirschling will be eligible for benefits after she turns 62 next year.
An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said.
The Social Security trust fund, if left alone, is projected to go broke in 2041, though Astrue said he hopes Congress will address the issue, perhaps after the 2008 presidential election.
[Yellow flag thrown]
Ten yard penalty on AP and the Houston Chronicle for unadulterated bullsh#t. Still fourth down.
My brother applied for SS benefits 11 months ago. He is 65.
Why can't these people, so called 'journalists' get ANYTHING right?
5.56mm
Did your pappy get leave home before storming the beaches, and driving the Hun back into the fatherland?
Dad was deferred because of a heart problem but he did live to the ripe old age of 54 when his heart problem finally did him in, long enough to see his son (me) be a veteran but not long enough to see his grandson (my son) be a veteran.
That's at least two of us.
My baby sister was born in the last year of the baby boomers, and my next younger sister and my twin sister and I are not too far before that. It’s going to be really interesting when the end of the baby boomers hit, that’s for sure.
Proud to have served my country with some of these boomers. May God give them peace.
Just retired and they are practically doing that now.
Now as I understand it this woman is a retired teacher with presumably a good retirement.
The only way we be able to save SS is that those who really don’t need it not apply for it when eligible. Much like Medicare, if you there are those who able to afford private insurance let them opt out.
It goes broke in 2017. The SS Trust Fund doesn't contain any assets, just liabilities.
It goes broke in 2017. The SS Trust Fund doesn't contain any assets, just liabilities.
The trust fund is an accounting gimmick. It is filled with non-market T-bills [IOUs]. It is part of the $9 trillion national debt under the caption "Intragovernmental holdings."
I don't trust them either. I put money in the 401-k type plan only for the matching contributions. Other than that I'm saving and investing on my own - I don't believe tax rates on the elderly will be lower when I'm elderly than they are on working people now.
Well some demographers picked it. If you look at the the birth rates from 46 to 64 you can see they really shot up that entire period and peaking at over 4 million a year until about 1964 when they suddenly fall off a cliff, declining by about 300,000 in one year. From there they fall steadily reaching a low of just over 3 million in 1973. From 46 to 64 the birth rate averaged about 24 births per thousand people. In 1965 that rate drops to 19.4 from 21.7 in 1964. It reaches a low in 1973 of 14.9 per thousand.
Basically it’s used to describe a bubble.
http://www.infoplease.com/ipa/A0005067.html
LOL......;o)
Stay safe !
Well - T-bills are “IOUs” but they are money! But social security revenues and related should be a stand-alone deal, and not part of the general budget. I see this same sort of thing in local government, they will raid solvent or “surplus” entities to pay for other areas of government that are short. I’m no accountant but it doesn’t seem like a very smart thing to do.
It goes broke in 2017. The SS Trust Fund doesn’t contain any assets, just liabilities.
SS is peanuts compared to what Medicare will cost tax payers and consumers in the when majority of us “baby boomers†decide to retire.
They have to put a limit on how much the employer has to match in ss payments.
Correct me if I'm wrong.
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