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.

The Academy's September 2006 issue brief on medical insurance pools was discussed by state Sen. Leonard Fasano. The Connecticut Senate was considering a bill to open the state employee insurance pool to municipal employees on a voluntary basis.

A review of the presidential candidates' positions on reforming Social Security provided a link to the Academy's Social Security Reform Options monograph.

Donna Claire, the chairperson of the Academy's Life Financial Soundness/Risk Management Committee, discussed new mortality tables and their implications for how insurance policies are marketed. 

The Academy's issue brief, Medicare's Financial Condition: Beyond Actuarial Balance, was cited in an editorial. The actuaries wrote,"The sooner the solutions are enacted, the more effective and gradual they can be. Moreover, the early introduction of reforms increases the time available for affected individuals and organizations — including health care providers, beneficiaries and taxpayers — to adjust their expectations."