Baby boomers retirement and looking to the future.

As a Baby Boomer I will be the first one to admit when you turn 50 years old, from that point forward it seems that you are going down hill on an out of control train, the years fly by so fast. When I look back at my life it seems like yesterday that I was driving through the drive-in resturants in my cool 1957 Chevy with my first love sitting beside me. Today I cannot even remember her name. Then came the 60s and 70s, beatnicks, hippies. From that time on the world would forever change. Time stands still for no one. Hold on forever to the memories that are dear to you but now its time to look toward the future as an aging baby boomer who is retiring or at least are looking at your options.

The first thing that comes to mind when retiring of course is Social Security. Here you can read all about the history of Social Security in the USA. Many other countries have programs similar to what we have here. Here is the official Social Security web site. You can even apply for benefits Online. You still have to make one or two trips to their office but its not so bad. Actually, you can even make an appointment. Here is the official site for Medicare and Medicaid. The latter You won't need for a while though. I have lived my life being optimistic but I am also realistic. Federal Government Healthcare Information

Social Security and Medicare both are on the verge of being a train wreck if this spineless congress don't start working on some real solutions instead playing election year

politics and their usual "greedy self interests". Ignoring it is

not going to make it go away. Write your Senators.

I am going to quote some things from time to time from a letter that I received from my congrsssman on this subject.

"Over the next 10 years the Social Security program is expected to run a cumulative surplus of $2.5 trillion dollars. This is because Social Security is collecting more tax revenue than it is taking in. However by, by 2017 the situation will reverse itself and begin running a cash deficit.

In other words, the cost of paying benefits will exceed payroll tax revenue and the Federal Government will have to start using the surplus Americans have accumulated in the fund to continue paying benafits. The reverse in the trust fund is the result of the demographic changes. Surplus revenues are currently used to retire the federal government debt. AARP does have a ton of good information you may want to read.

The Congressman goes on to say, When social security runs a surplus, the trust fund purchases "special T's which are basicly IOU's." He states that in fact there is a building in Maryland outside of Washington, D.C. which houses filing cabinets full of these IOUs. In 2017 when the trust fund begins running deficits that they will have to redeem these IOUs from the U.S. Treasury."

What does that mean? You guessed it, those damn baby boomers again. They are going to get old now and drain the trust fund. Write or call your Congressman. My question to all of Congress is where in the hell are you going to get the money to redeem all of those worthless IOUs? I just wonder how much money would be in the trust fund if congress hadn't been using it for their own personal "piggy bank".

Who has been paying this money in the fund ever since its inception. The Baby Boomers and our parents. It seems that every bill passed in Congress is still loaded down with "pork barrel spending" or earmarks as they refer to them.

LOOK IT IS VERY SIMPLE, this madness has to stop. I don't give a damn about which party. It simply has to stop and that is where YOU AND I COME IN. We have to stop putting the same crooks in office over and over. The baby boomers are a large voting block in this country and will continue to be. I want to see something left for my kids and their children in this country besides a nightmare of debt and so do you. I know longer care about parties. From now on I am voting the person not the party.

SO WHAT IS THE ANSWER TO THE PENDING RETIREMENT FUNDING CRISIS?

As far as I am concerned Social Security has outlived its usefulness as a primary retirement program. Sure the baby boomers are going to be signing up for it shortly and why not we have been paying into it.

With this in mind, remember the yelling from Congress when President Bush even suggested that workers under 50 should be able to have a measly 5% of their social security tax into some type of private fund like an IRA or 401K. It set off a political fire storm, especially from the Democrats. Hell, you couldn't trust those "AVERAGE AMERICANS", (a term I loath) with their own money to invest. I guess they think we are to "DAMN STUPID".

JUST TAKE A LOOK AT THE CONGRESSIONAL RETIREMENT SYSTEM!!

Its called FERS or Federal Employee Retirement System for ALL federal employees. Of course there are plenty of baby boomers who work for the government.

The retirement system is a three-tiered retirement plan. The three components are:

1. Social Security Benefits only since 1984.

2. A Benefit Plan based on years of service and their highest years salary, paid by the taxpayers.

3. Thrift Savings Plan Benefits, or at least that is what they call it. participants can deposit up to 15% of base pay to a maximum of $14,000 in 2005. Their employing agency matches employee contributions up to 5% of pay. Once again, Who picks up that up to 5% tab? You and me the taxpayers.