Study: Baby Boomers Haven’t Taken Most From Social Security
NEW RESEARCH SHOWS BABY BOOMERS AREN'T TO BLAME FOR CURRENT SOCIAL SECURITY CONCERNS
(CNN) – It might be time to stop the blame game with baby boomers.
You’ve probably heard before that baby boomers are stretching the Social Security system, but new research from the Center for Retirement research at Boston College shows that’s not the case.
With 10,000 baby boomers turning 65 every day; there’s worry the sheer size of the generation is putting undue pressure on Social Security’s funds.
But it turns out the earliest beneficiaries, from back when the program was created in the 1930s are actually the ones getting more money than they paid in, not baby boomers.
The latest research shows the “pay-as-you-go” approach in the early years of the program contributed to the financial struggle now.
So how do you fix it?
Researchers say it’ll all come down to tax increases.