By: Jeremy Mulvihill
on October 12, 2018
One of the biggest problems facing Social Security is a demographic shift -- namely the retirement of baby boomers. Between 2010 and 2030, we're liable to see more than 70 million baby boomers enter retirement, which means a significant surge in the number of eligible beneficiaries. The architects of Social Security couldn't predict there would be such an incredible surge in birth rates.
On the flip side, there aren't enough new workers in the labor force to replace retiring boomers. Between 2015 and 2035, the worker-to-beneficiary ratio is forecast to fall from 2.8-to-1 to as low as 2.1-to-1. In short, there won't be enough payroll tax revenue coming in to support the growing number of beneficiary payments heading out. Continue Reading