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Facing the Facts

In early 2004, the Congressional Budget Office (CBO) released a report stating that approximately 50 percent of baby boomers will likely face a reduced standard of living at retirement. The CBO goes on to say this assumption may even be too optimistic based on the projected financial status of government-administered retirement programs like Social Security. The report points out that the CBO assumptions are based on no future cuts in Social Security benefits, which many people feel is unlikely. The Social Security Administration itself freely admits the Trust fund is likely to be able to support current benefit levels only until 2040, at which time it suggests that benefits will need to be reduced by 37 percent for the system to maintain its integrity.

With Social Security waning in its ability to support retirement for the vast majority of Americans, the responsibility for achieving retirement security falls squarely on the shoulders of the individual. For you to be able to maintain your current or desired lifestyle in retirement, you need to take action now. That means that you have to get moving and create some momentum so that you can enjoy your retirement years.

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