Baby Boomers themselves are working longer, said Steve Goss, chief actuary of the Social Security Administration.
Baby Boomers have sparked a notable change in the Social Security program.While experts previously anticipated funds would run out to pay full benefits in 2034, the Social Security Administration updated this prediction and said funds would actually not become insolvent until 2035, a year later.At this point, if nothing changes, the retirement benefit program would only be able to pay 77 percent of promised benefits to seniors who rely on the monthly income.
'Living expenses aren't getting any cheaper, and many Americans continue to want to maintain the lives they've cultivated and not cut back as much as some prior generations did in retirement,' Beene said. 'Social Security still has some serious long-term solvency issues to work out, but generations of Americans that work longer are going to be able to help soften the blow of a funding pitfall.
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