It has been talked about, anticipated, and worried about for over a decade and now its here. The first of the nations baby boomers is retiring in 2008 and economists are worried about what it may mean for the future.
Kathleen Kirshling, a former teacher from New Jersey, was born One minute after midnight on January 1st, 1946. On New Years day of this year she became eligible for social security benefits which makes her the first in a rather large army of future recipients.
The fear is that when the baby boomers begin retiring in large numbers they will reduce the number of people in the workforce which will mean the the country will have difficulty keeping up any rate of economic growth. The greater fear is that the boomers will begin claiming their social security and medicare benefits and that there wont be enough workers in the nations workforce to pay into the system to sustain them and it will go bust. Some economic analysts are predicting dyer consequences for the future as more and more boomers retire in the coming years.
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