I wonder how long it will be before the President of the United States will hold a live news conference to tell us the plight of the baby boomer generation. I imagine it will go something like this:
Good evening my fellow Americans. I come before you this evening to shed light on an epidemic that we have identified as a Silver Tsunami. We have known about this for quite some time but failed to act. As result of this tidal wave, we are facing the following disasters:
#1 As of January 1, 2011, 10,000 baby boomers will reach age 65 every day for the next 19 years.
#2 According to one recent survey, 36 percent of Americans say that they don’t contribute anything at all to retirement savings.
#3 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.
#4 According to another recent survey, 24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.
#5 Approximately 3 out of 4 Americans start claiming Social Security benefits the moment they are eligible at age 62. Most are doing this out of necessity. However, by claiming Social Security early they get locked in at a much lower amount than if they would have waited.
#6 The Healthcare System is overloaded as a result of all of the cosmetic surgery that is now catching up with the boomers.
Ladies and gentlemen, brace yourselves because this is just the tip of the iceburg. Good night and may God bless America and the baby boomers.