spacer
spacer
spacer
Posted on September 27, 2008

Milestone: First Baby Boomer Receives Social Security

It’s now official: baby boomers have started to collect Social Security.

The first one is named Kathleen Casey-Kirschling, and she was born one second after midnight on January 1st, 1946. (Baby boomers are generally defined as all those who were born in a year from 1946—the year after World War II ended—until 1964—the year the birth control pill became available.)

Kathleen is a 62-year-old retired teacher living in Earleville, Maryland and Vero Beach, Florida. Here is a video of her promoting the use of the Social Security Administration’s online application system:

There are about 80 million baby boomers in the U.S. Over the next twenty years, they will become eligible for Social Security. That averages out to about 10,000 new recipients per day.

If present trends continue unchanged, the Social Security system will have to start paying out more in benefits than it receives in contributions in 2017. Its reserves will be completely depleted in 2041. Kathleen will be 95 then, but the youngest boomers will only be 77..

2 Comments on “Milestone: First Baby Boomer Receives Social Security”

  • This is pretty scary for our kids…They will have to develop their own savings..However we know they are not worried..because a solution will be found by then….Social security is rarely enough to survive on..but for some it is their only survival…

    Posted by carol stanley on September 27, 2008 at 7:31 am
  • […] many boomers didn’t do was prepare for the biggest expense of their lives: retirement. When the first boomer applied for social security, that was a wake up call for […]

Leave a Comment

eNews & Updates

Sign up to receive breaking news
as well as receive other site updates!

We will not spam you, or sell, rent, exchange, or otherwise share your email address with a third party.

 
spacer
spacer