A new report from the U.S. Census Bureau is giving us a glimpse into our future. According to the latest population projections, adults 65 and older will outnumber children for the first time in U.S. history by the year 2035.
And as this bulge of baby boomers moves through each decade, they're making dramatic shifts in the country's demographics. By 2030, all baby boomers will be older than 65, and the Census Bureau projects that will grow the size of the older population so much that 1 in 5 people in the U.S. will be retirement age. And by that point, the baby boomer generation, or that pig, if you will, will be closer to the end of the python....
You have to see it in context, when secular financial guru Suzie Orman is saying, '70 is the new retirement age' because Social Security will not be able to collect enough money from workers to pay for the seasoned citizens requesting it. Of course, this means that you need to plan on taking a lesser amount at age 62 because they will work on cutbacks later, whether that be from direct reductions, or increasing your taxes on why you get. Most people still think Social Security is their pension, so they spend all they have today. Christian financial guru Dave Ramsey and his staff member Chris Hogan have been promoting that retirement is not an age but a number, when you have enough money saved up to last you until you are ready to kick the bucket.
1 Remember now thy Creator in the days of thy youth, while the evil days come not, nor the years draw nigh, when thou shalt say, I have no pleasure in them; 2 While the sun, or the light, or the moon, or the stars, be not darkened, nor the clouds return after the rain: 3 In the day when the keepers of the house shall tremble, and the strong men shall bow themselves, and the grinders cease because they are few, and those that look out of the windows be darkened, 4 And the doors shall be shut in the streets, when the sound of the grinding is low, and he shall rise up at the voice of the bird, and all the daughters of musick shall be brought low; 5 Also when they shall be afraid of that which is high, and fears shall be in the way, and the almond tree shall flourish, and the grasshopper shall be a burden, and desire shall fail: because man goeth to his long home, and the mourners go about the streets: 6 Or ever the silver cord be loosed, or the golden bowl be broken, or the pitcher be broken at the fountain, or the wheel broken at the cistern. 7 Then shall the dust return to the earth as it was: and the spirit shall return unto God who gave it. 8 Vanity of vanities, saith the preacher; all is vanity. -- Ps71:9"Cast me not off in the time of old age"