A couple of years ago, Senator Rob Portman wrote, “Each day,10,000 baby boomers retire and begin receiving Medicare and Social Security benefits." We all know politicians sometimes stretch the truth, so let's check his facts:
- There were 76 million people born between the 19 years of 1946 and 1964.
- If we assume that they will retire at an even rate, then we can divide 76 million by 19. That comes out to 4 million per year.
- 4 million divided by 365 days is almost 11,000 people retiring per day!
So what?
A study by the Economic Policy Institute found that the median retirement savings of families between 56 and and 61: is $17,000.
This is already a financial crisis and it is growing by 11,000 people per day.