Social Security Report

Q & A

Will the retirement of the baby boomers overwhelm Social Security?

Answer: No. The baby boomers’ retirement did not catch Social Security by surprise. Benefit reductions that were enacted 30 years ago, including gradually raising the age of eligibility for full benefits from 65 to 67, are still phasing in and have slowed spending for future benefits. In addition, the boomers’ tax contributions throughout their working years have helped cover the cost of their retirement.

Source: National Academy of Social Insurance