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Will Baby Boomers Affect Social Security?

According to the Washington Post, a stampede of Baby Boomers will start in 2011, which means they will soon be tapping Social Security fund benefits. The first wave of Baby Boomers begins turning 65 this year. Any individual working and paying Social Security taxes can earn up to four credits per year based on net income. Social Security is more than a retirement program, it also offers Baby Boomers and others disability benefits in case they are left unable to work.

January 2011 officially started the Era of the Golden Boomers, a term coined for the generation that is set to retire. A flood of individuals tapping into the Social Security benefits could deplete the fund, critics argue. President Obama has suggested raising the retirement age. He is not the only one pushing for such a reform, GOP senators have asked the retirement age be pushed to 70.

Senators Lindsey Graham, Rand Paul and Mike Lee promoted a proposal that would gradually raise the retirement age from 67 to 70, and would not affect individuals currently age 65 or older. The Senators say that such a change would put the entitlement program on a long-term path to solvency without raising taxes. Social Security’s solvency issues could affect funds for individuals seeking Social Security Disability Insurance benefits. Medical reasons or work injuries can affect an individual’s working status, resulting in their inability to hold a job. Disabled individuals do have an option, the SSDI program provides monthly payments to those who cannot go out and earn a living due to a life-affecting disability.

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