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October 15, 2007
Uh, Oh
The Boomers are starting to collect Social Security.
WASHINGTON — Kathleen Casey-Kirschling filed for early retirement Monday, becoming the first baby boomer to start collecting Social Security.I don't think there's much to "wonder" about. There are a lot of Boomers, and many of the World War II generation are still alive - that's a huge number of people looking to collect on funds that do not exist, thanks to Congress' complete lack of fiscal discipline.Born one second after midnight in January 1946, the retired teacher leads the way for as many as 80 million individuals who will qualify for the retirement payout.
"I think I'm just lucky to be at the top of the boom. I'm just one of many many millions and am blessed to have been in this generation and really blessed and to take my Social Security now," Casey-Kirschling said during a ceremony held at the National Press Club featuring Social Security Commissioner Michael J. Astrue.
Casey-Kirschling said she supports anyone who wants to collect retirement benefits whenever he or she is eligible to take them. But many Washington officials and American workers are wondering if Social Security will be able to support them.
When it comes to planning for my own retirement, I'm operating under the assumption that Social Security won't be there when I stop working. I have two retirement accounts that are building interest (I hope) as we speak. Unfortunately, I think my ability to pay into my retirement accounts will be hurt by the increased taxes that are sure to come in order to cover the checks for current beneficiaries.
Thanks, FDR and LBJ!
Posted by slublog at October 15, 2007 09:14 PM
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