Older baby boomers caught all the breaks
Academy Senior Pension Fellow Ron Gebhardtsbauer was quoted. Gebhardtsbauer said early baby boomers are more likely to have a defined benefit pension from their employer compared to younger baby boomers.
Academy Senior Pension Fellow Ron Gebhardtsbauer was quoted. Gebhardtsbauer said early baby boomers are more likely to have a defined benefit pension from their employer compared to younger baby boomers.
The Academy was cited as the source of median retirement ages for males and females in 2001 and 2006.
The Academy was cited for its analysis concluding that boomers who live the longest stand to lose the most by collecting early Social Security benefits. The Academy also collaborated with the newspaper to create a calculator to help readers determine how much could be gained or lost--depending on how long a retiree lives. The Academy's Senior Pension Fellow Ron Gebhardtsbauer also was cited as the source of a complementary graphic that contained the probabilities of 62-year-old males, females, and couples living to various ages.
Just days before the South Carolina Democratic primary, an editorial focused on the lack of "comprehensive attention" from presidential candidates and Congress on Social Security and Medicare's financial problems. The editorial cited the Academy's issue brief, Medicare's Financial Condition: Beyond Actuarial Balance.
Ron Gebhardtsbauer, the Academy's senior pension fellow, warned that baby boomers who retire early will forever reduce not only their Social Security benefit, but their spouses' as well. He says the longer you and your spouse live, the more you lose.
Bruce Schobel, chairperson of the Academy's Retirement Security Principles Task Force, revealed some of the lesser-known facts about Social Security.
Outgoing Academy Executive Director Kevin Cronin was the featured guest and offered an update on the actuarial profession, background on the Academy, a summary of recent Academy accomplishments, and a look ahead.
Ron Gebhardtsbauer, the Academy's former senior pension fellow, discussed the advantages of waiting to collect Social Security benefits. He said, "Waiting until age 70 gives you a much bigger income for the rest of your life."
The Academy's issue brief providing an actuarial perspective on the 2008 Medicare Trustees Report was cited. The brief stated that fixing Medicare's 75-year deficit would require an immediate 122 percent increase in the Medicare payroll tax, a 51 percent cut in benefits, or a combination of the two.
The North American Actuarial Council's request that the Academy draw more attention to Americans' increasing lifespans was discussed. The letter, signed by 15 presidents and presidents-elect of North American actuarial associations, warned that failure to adapt to increasing longevity could threaten the viability of many financial security arrangements.