Thursday, May 07, 2009
Ignatius: Baby boomers are in real trouble as they retire: another bailout?
David Ignatius has a gloomy column in The Washington Post today, “Boomers Going Bust.”
A typical boomer would collect about $2400 in benefits a month if starting full retirement at 66 in 2020. At that age, $100000 in cash would buy a $700 a month annuity, not enough to qualify for much.
His link is here.
The median balance in retirement accounts among households with at least one account was only $45000,
Ignatius talks about a “retiree bailout” but Obama has actually talked about cutting back on “earned entitlements” and allocating resources helping people stay at work. And increasingly, more seniors work in fast food places. That was true in 2002 at the McDonald’s right next to the suburban Minneapolis office park where Right Management, my own outplacement service, was located. And they say fast food is where you “find out if you can work.”
Please see also my story today (May 7) on my TV blog about John Stossel's upcoming ABC 20-20 special including a report on Medicare and "generational theft".