Turns out its not baby boomers who have taken the most Social Security

Mar 2012
58,026
39,582
New Hampshire
#1
You’ve probably heard before that baby boomers are to blame for Social Security’s money woes. Yet new research from the Center for Retirement Research at Boston College suggests otherwise.

The thinking typically goes that boomers have put undue pressure on the system because of the size of their generation. About 10,000 people turn 65 every day. Many of those individuals are claiming Social Security retirement benefits, which has created the perception that they are draining the system.

However, the Center for Retirement Research found the boomer cohort born between 1946 and 1964 will actually have paid more into the system than they will receive in benefits.

There is a group of retirees, however, who did receive more money than they contributed: people who lived through the Great Depression of the 1930s. That’s because they generally worked for fewer years before collecting benefits. And the policy decisions that were made in the early years of the program, namely to make it a pay-as-you-go system, helped set it up for the funding problems we face today, the research found.

“Whenever you have a pay-as-you-go system, it’s going to be more expensive than a fully funded system,” said Geoff Sanzenbacher, associate director of research at the Center for Retirement Research.

Turns out it's not baby boomers who have taken the most from Social Security
 
Dec 2015
12,402
7,628
In Your Heart!
#2
The real problem is that Congress has been taking money out of Social Security for decades to use on other things including their own pet projects which is grossly unfair. So, when you hear them lamenting about money running out and trying to blame baby boomers just remember that logically speaking they have no one else to blame but themselves for that dilemma.
 
Mar 2019
3,285
1,687
"US" of A
#3
You’ve probably heard before that baby boomers are to blame for Social Security’s money woes. Yet new research from the Center for Retirement Research at Boston College suggests otherwise.

The thinking typically goes that boomers have put undue pressure on the system because of the size of their generation. About 10,000 people turn 65 every day. Many of those individuals are claiming Social Security retirement benefits, which has created the perception that they are draining the system.

However, the Center for Retirement Research found the boomer cohort born between 1946 and 1964 will actually have paid more into the system than they will receive in benefits.

There is a group of retirees, however, who did receive more money than they contributed: people who lived through the Great Depression of the 1930s. That’s because they generally worked for fewer years before collecting benefits. And the policy decisions that were made in the early years of the program, namely to make it a pay-as-you-go system, helped set it up for the funding problems we face today, the research found.

“Whenever you have a pay-as-you-go system, it’s going to be more expensive than a fully funded system,” said Geoff Sanzenbacher, associate director of research at the Center for Retirement Research.

Turns out it's not baby boomers who have taken the most from Social Security
Actually we got this system because the money changers wanted everyone off of pensions. Getting everyone off of social security is the next step. Getting back to the gilded age has already been accomplished; let’s see how low we can go.

Those depression era workers were real deadbeats.
 
Jul 2013
40,382
26,476
On a happy trail
#4
Actually we got this system because the money changers wanted everyone off of pensions. Getting everyone off of social security is the next step. Getting back to the gilded age has already been accomplished; let’s see how low we can go.

Those depression era workers were real deadbeats.
The Gilded Age was the libertarian utopia .
 
Jul 2015
33,172
24,598
Florida
#5
You’ve probably heard before that baby boomers are to blame for Social Security’s money woes. Yet new research from the Center for Retirement Research at Boston College suggests otherwise.

The thinking typically goes that boomers have put undue pressure on the system because of the size of their generation. About 10,000 people turn 65 every day. Many of those individuals are claiming Social Security retirement benefits, which has created the perception that they are draining the system.

However, the Center for Retirement Research found the boomer cohort born between 1946 and 1964 will actually have paid more into the system than they will receive in benefits.

There is a group of retirees, however, who did receive more money than they contributed: people who lived through the Great Depression of the 1930s. That’s because they generally worked for fewer years before collecting benefits. And the policy decisions that were made in the early years of the program, namely to make it a pay-as-you-go system, helped set it up for the funding problems we face today, the research found.

“Whenever you have a pay-as-you-go system, it’s going to be more expensive than a fully funded system,” said Geoff Sanzenbacher, associate director of research at the Center for Retirement Research.

Turns out it's not baby boomers who have taken the most from Social Security
As a boomer and a recipient, I don't really buy those conclusions BUT there are MANY variables. I did the math on my own in/out over the 50+ years (I got my first job at 16) and should I live to average life expectancy, I'll get it all back +. Minus part time shit during college and first couple of years after, the next phase I was a 'worker bee' wages (but UNION worker bee). The other roughly 40 years were management and small business owner. I paid in at a pretty good rate.

(PS And while I'm drawing on it, I'm also still paying into it).
 
Likes: BarKnuckles
Aug 2018
3,247
5,259
Vancouver
#6
I think this is a misunderstanding of the complaint against baby boomers.

No one blames or begrudges baby boomers for receiving benefits. The complaint against the baby boomers is they collect the benefits as established by their parents, and consistently, relentlessly vote for ideological politicians who loot and gut the system - leaving the system set up to be incapable of giving the boomers children the same benefits that they themselves have enjoyed all their lives and are still currently enjoying.

The same way people here who raised families and saw off their elderly parents with public health insurance in their 20s, 30s and 40s - then accumulated private wealth in their 50s - now suddenly vote tireless for anyone who promises to viciously gut the system and make sure no families today get those services.... Because suddenly it's socialism. Now that they suddenly have property and money and no dependents.

THATs the complaint.

Taking it happily for 50 ears then voting to take it away from everyone else.
 
Likes: bajisima
Mar 2012
58,026
39,582
New Hampshire
#7
I think this is a misunderstanding of the complaint against baby boomers.

No one blames or begrudges baby boomers for receiving benefits. The complaint against the baby boomers is they collect the benefits as established by their parents, and consistently, relentlessly vote for ideological politicians who loot and gut the system - leaving the system set up to be incapable of giving the boomers children the same benefits that they themselves have enjoyed all their lives and are still currently enjoying.

The same way people here who raised families and saw off their elderly parents with public health insurance in their 20s, 30s and 40s - then accumulated private wealth in their 50s - now suddenly vote tireless for anyone who promises to viciously gut the system and make sure no families today get those services.... Because suddenly it's socialism. Now that they suddenly have property and money and no dependents.

THATs the complaint.

Taking it happily for 50 ears then voting to take it away from everyone else.
"whats for me is not for ye.."