[Incorrigible]

As one of those Generation X people who is actually saving for my retirement (though I plan on working 'til I drop), my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare.  Thus making my efforts pointless.

[Incorrigible]

We're doomed!

[RichInOC]

Retirees Will Face Dire Straits

[cue Mark Knopfler singing "Walk of Life"]

[netmilsmom]

Wow! is that the truth!

[MineralMan]

One thing that is rarely mentioned in these stories is the transfer of wealth that will happen when the parents of these baby boomers die and leave their estates to the baby boomers.

At 60, I'm on the very leading edge of the boomers. I hope my parents live to be 100, but that's not likely. Eventually, they will leave a good-sized estate. My wife is 50, and is on the tail end of the boomers. Her parents are also alive and have a substantial estate.

This should be factored into all calculations of the upcoming baby boomer retirement picture. At 60, I'm not nearly ready to retire.

[Phocion]

You can guarantee it.

Already, the majority of voters in many areas of the country are senior citizens. Soon, the number of senior citizens will be much greater due to the Baby Boom and the life-extending advances of medical science.

Not only will the government raise taxes by an alarming amount to cover its "promises", but as the Senior Boomers gain political power, they will demand many additional "promises".

Politicians of either party will be very happy to accommodate them.

[Fudd Fan]

More Boomer bashing. It's so fashionable to do, after all.

[sageb1]

Out of curiosity, how many siblings do you have?

[krunkygirl]

check it out later

[Wolfie]

Money For Nothing, Rx For Free

[Renegade]

My wife and I are both Boomers. WE prepared for the future . Those that didn't ,can be turned into Soylent Green as far as were concerned .

[Vision Thing]

Today's children and most of today's workers almost certainly will pay steeply higher taxes to cover promises to retirees.

Sorry Boomers, but this promise was made to be broken.

[righttackle44]

"[Baby Boomers to force following generations to suffer]"

Since the original headline didn't contain this clause, I'm assuming that you're one of the trouble, trouble, run and shout, wave your hands and run about folks.

By the way, it was the Baby Boomers who set up their own retirement funds to enable financial planning and estate planning companies to make profits to help them set up the products and services you purchased to fund your own retirement.

And without any proof that the government could or will grab the earnings you are setting aside, then I must assume your concerns are merely selfish and self-serving. Are you a libertarian by chance?

[kabar]

We need to reform SS by establishing private accounts. They will reduce the USG's future liability and given individuals ownership of their retirement assets. Eventually, SS needs to be privatized except for the disability and survivor's insurance.

[Tax-chick]

My (current) youngest child should leave home when I'm 58. I plan to get a paying job then, and work until I die. If I have another baby, obviously that will change the numbers :-).

If any or all of the dire predictions turn out correct, then it will simply prove that it was unreasonable for people to expect up to 40 years of post-work idleness at *somebody's* expense.

(Space for Captain Obvious graphic here.)

[NRA2BFree]

Not to worry. The government will take care of us. Don't they always? < / sarcasm >

[Alberta's Child]

Social Security is on course to start paying out more than it takes in by 2017. The money built up before then will be gone in 34 years, just about the time today's 30-somethings start reaching in their mailboxes for a benefits check.

The errors in this item make it abundantly clear how big the problem is -- and how there's really no reason to be concerned about it because there's no point in rearranging deck chairs on the Titanic.

1. The Social Security fund is not "on course to start paying out more than it takes in by 2017." It's been paying out more than it takes in for years -- since FICA tax revenue has been allocated to the general Federal treasury going all the way back to 1969.

2. Which means there is no "money built up before then," either.

[Antoninus]

my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare. Thus making my efforts pointless.

You're right to be concerned. The "me" generation thinks of themselves as the most important revolutionaries to come down the pike in a millenium. They fully expect to retire in style, and if that means grabbing even more money from the rest of us fat, lazy Americans that they loathe, I have no doubt that they'll vote to do just that.

[ATOMIC_PUNK]

Myeroff isn't sure what it will take for Americans to face reality. "People think this is all just going to work out,"

Correction SOME people think it will all work those of us with our eyes open know it won't !

[DuncanWaring]

Can the Second Amendment and Social Security Co-exist?

[neutrino]

my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare. Thus making my efforts pointless.

And, speaking as a boomer, I want to thank you for your sacrifice. (Evil grin!)