Baby Boomers and Social Security

Paper Summary:

The paper looks at the report of the Economic Policy Institute and the Congressional Budget Office report and shows how different government bodies disagree on the effects that the baby boomer generation's retirement will have upon the Social Security Trust Fund. The paper points out that the increase in those depending on Social Security will certainly have an impact the Social Security System, in whatever way this may be. The paper includes graphs and a table.

Outline:
Objective
Introduction
Proposals for Reform
Report of the Economic Policy Institute
Congressional Budget Office Report
Summary and Conclusion

From the Paper:

"Social Security is "a contributory social insurance program providing benefits to millions of Americans." (Ithaca College Gerontology Institute, 2007) Those who work contribute part of their earnings to the system and thereby gain entitlement to benefits for themselves and their family members when they retire become disabled, or when they die. Because of the large group of baby boomers who will be retirement age, projections for 2016 state that "annual benefits paid to retirees will exceed payroll tax revenues. Based on those intermediate assumptions, from 2016 to 2024, interest generated from the Trust Funds would be needed to meet current Social Security obligations.""

Sample of Sources Used:

• The Baby Boomers and Social Security (2007) Ithaca College Gerontology Institute. Online available at: http://www.ithaca.edu/aging/schools/pdf/Baby%20Boomers%20and%20Social%20Security.pdf
• Social Security EPI Issue Guide (2005) Economic Policy Institute. Online available at: http://www.epinet.org/content.cfm/issueguide_socialsecurity
• The Retirement Prospects of the Baby Boomers (2004) Economic and Budget Brief Issue, Congressional Budget Office. 18 March 2004. Online available at: http://www.cbo.gov/ftpdoc.cfm?index=5195&type=0
• Ten Steps to Reforming Baby Boomer Retirement (nd) National Center for Policy Analysis. NCPA Idea House. Online available at: http://www.ncpa.org/pub/st/st283/st283f.html
• Are Baby Boomers Sicker Than Their Parents? (2007) Sentinel Effect. 23 Apr 2007. Online available at: http://sentineleffect.wordpress.com/2007/04/23/are-baby-boomers-sicker-than-their-parents/

More papers on Baby Boomers and Social Security:

• Comparison Essay # 25734 : "Baby Boomers and Social Security"
• Analytical Essay # 115282 : "Baby Boomers and Retirement"
• Essay # 86577 : "Social Security and the Future of America"

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