Does the name Kathleen Casey-Kirschling mean anything to you?
The name didn’t mean anything to me until I found out that the 61-year-old — born on Jan. 1, 1946, at 12:00:01 a.m. — generally is recognized as the nation’s first baby boomer.
Casey-Kirschling very soon will begin receiving Social Security benefits. Her first Social Security check represents a giant leap for the baby boom generation. Unfortunately, the official inauguration of baby boomers in retirement also brings on huge worries over Social Security’s looming insolvency.
You see, after Casey-Kirschling gets her check, there will be a deluge of other Americans who begin receiving both Social Security and Medicare benefits. Estimates are that approximately 80 million Americans born between 1946 and 1964 likely will qualify for Social Security and Medicare during the next 22 years.
The first wave of 3.2 million baby boomers turns 62 next year, at the astounding rate of 365 boomers per hour. Consider this startling statistic: Every 10 seconds for the next 15 years, another boomer will reach for his or her share of that grand government entitlement program!
That is going to require the payout of a lot of money in the aggregate, but how much will you personally get? The answer is not very much.
Can you live on $1,500-$1,800 a month?
Of course not, and that is why you need to listen to my Special Audio Report with Ameritas Advisor Solutions CEO Mitch Politzer.
Mitch has studied the coming shift in demographics, longevity and retirement for nearly his entire career. And he’s got a lot of great stuff to say about this issue. If you are even close to making the downshift into income investing, you’d be well advised to listen to what Mitch has to say.
Now is the time to start thinking about how you will generate the income you need for the next two-to-three decades.
To listen to my interview with Mitch, just click here.
Note: Ameritas Advisor Solutions is a sponsor of my weekend radio show.