Retirement has become a popular subject recently. When you understand the current situation, you'll understand why retirement is on the minds of so many people. Let's take a look at what's going on in the world today. There are approximately 79 million baby boomers and starting Jan. 1, 2008 every 7.7 seconds, a boomer will turn 60. Americans have seen 30% or more evaporate from their 401(k) plans due to the stock market meltdown. Social Security Trustees have admitted that the fund will be insolvent by 2017 because it will be paying out more than it receives. It will be depleted of funds by 2041. Medicare Trustees have reported that Medicare's Hospital Insurance Trust Fund will become insolvent by 2019.
The unemployment rate in the U.S. was 6.5% in October 2008 according to the U.S. Bureau of Labor Statistics. Experts agree that this will be one of the deepest recessions in history. Maybe Barack Obama will be able to help solve these problems. We will need to wait and see.
Millions of people are not just thinking about retirement but actually doubt they can retire. People who would, and by all rights, should be retiring in the next ten years are postponing retirement because they have suffered through financial losses recently and can't afford to retire. The stock market meltdown exacerbated a serious financial condition for would-be retirees. High gas, food, healthcare costs have forced baby boomers to tap into savings in order to make ends meet over the last several years. The stress is causing medical issues and resulting in missed work, higher health care expenses, and depression.
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