That's because many choose to retire with less than full benefits at age 62....
The first Boomer Medicare enrollments began in 2011.
Under normal circumstances it would be good for the economy and good for college graduates, but the devastation 401Ks suffered in the financial fiasco has caused many Boomers to put off retirement. Also, corporations have taken to reducing their work forces and are not replacing retirees as readily as they used to.
The Boomer generation is both the richest generation to come down the pike and the generation least prepared for retirement....Income inequality has effected this generation more than any other since the Gilded Age. Therein lies the problem. I read somewhere that fully 50% of the work force in the US has no retirement plan other than Social Security.
Had wages kept up with GDP growth over the past 30 years the median wage in 2010 would have been $92,000 rather than the $50,200 it was that year (It has fallen since) and Social Security would be completely solvent.
They will need to remove the cap on wages subject to the payroll tax, raise the retirement age for white collar workers, and means test all benefits. They keep changing the way they calculate inflation so they can give less of a COLA increase to SS recipients, so now those increases don't come near to covering the increased cost of food and fuel. But the best thing that could be done is to stop the outsourcing of good paying jobs, raise the minimum age to a living wage (Australia recently raised their minimum wage to $15.51 an hour) and all wages will rise, tax all income as earned income which would rein in Wall St.... There is a direct correlation between the rise in the DJIA and falling wages.
Just some thoughts...
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