In the next 15 years or so, baby boomers will be retiring in droves, with fewer and fewer workers to support them in the Social Security system. The government’s spending for Social Security will rise faster than tax income because the population over age 65 is growing faster than the working age population based on 2007 Social Security Annual Reports1.

The country faces not only a tide of baby boomers but also an increase in life expectancy. In 1935, when Social Security began, retirement lasted but a few years. Today it lasts a few decades and longer. For a couple both aged 65 today, according to projections, there’s a 50 percent chance that one will live to 92 and a 25 percent chance one will live to 97. The population is aging 2.

These days, from a financial standpoint, the primal fear often is not that a retiree will die too soon, but rather that they will live too long. This shouldn’t be a fear but rather cause for celebration! Change your outlook simply by preparing wisely for your retirement future – establish your priorities, find the right financial advisor, plan for possible detours – enjoy the ride.

1Social Security – ssa.gov/history/pdf/tr07summary.pdf
2 American Council of Life Insurers – acli.com/Tools/IndustryFacts/LifeInsurersFactBook/
Documents/FB11Mortality.pdf (11/18/2011)