The Social Security Administration indicates there are 40 million Americans age 65 and older. By 2030, the population over 65 years old will reach 20 percent with 10,000 Baby Boomers retiring each day.
The average life expectancy for a 65 year old male is 17.7 years and for a female 20.3 years. The average income for those between the ages of 65 and 69 is $37,000, but it is less than $20,000 for those over 80. The main sources of income for people over 65 is social security at 37%, income from working is 30%, from pensions 19%, and savings and retirement 11%.
One of the agencies hardest hit by these retirements is the Social Security Administration itself. In a 2013 report, the Social Security Administration said the wave of Baby Boomer retirement was causing a significant problem for the agency itself saying, “by 2015, almost 33 percent of our workforce, including 48 percent of our supervisors, will be eligible to retire. In fiscal year 2011, we lost over 4,000 employees due to retirement and other reasons. We expect this trend to continue. During this same time frame, the Baby Boomer retirement wave will continue to have a significant effort on our workload.”
My objective here is not to paint a picture of gloom and doom, but to show there is a real problem in the future for us Baby Boomers. The number of retirees is increasing and the number in the workforce is decreasing. It doesn’t take a lot of math to see there is a problem ahead for those depending on Social Security. But, it doesn’t have to be that way.
It is quite possible for anyone, Baby Boomers included, to start a business of our own where we can control our financial future.
In order to do that we have got to change our thinking about life in general and about our potential in particular. There is nothing that says we are over the hill and cannot make a contribution to society now or in the future.
To find out how you might overcome the limiting beliefs that have held you back, please go to coachic.com/babyboomers and take the free assessment.
I have made it my goal in life to help every Baby Boomer finally become who they were meant to be.