Baby boomers, financial literacy, and the privatization of Social Security

Article Abstract:

One of the suggestions for reforming social security involves having individuals make the investment decisions. However, this presupposes that individuals have the financial literacy necessary to manage their retirement plans. Baby boomers will be the earliest affected and yet only 55% of wealthy baby boomers and 34% of lower income baby boomers are confident about their retirement planning. Retirement planning was originally 2/3 based on social security and employer pensions, but those pensions are now largely defined contribution plans, requiring more financial literacy.

Management, Evaluation, Baby boom generation

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Happy birthday social security: 60 years old, 1935-1995

Article Abstract:

The benefits to retirees provided by social security are often discounted under a mistaken belief that it only significantly aids the poor while 60% of middle income retirees' funds are social security. Early retirement actuarially reduced social security also benefits many retirees by allowing them to retire earlier than independent funds would have. Therefore, proposed changes to social security such as increasing the retirement and early retirement minimum ages will significantly impact financial planning and so should be considered.

Social aspects, Political aspects

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Estate planning: the diversity and complexity of net worth among older americans

Article Abstract:

Most middle-income people do not consider it necessary to adopt an estate planning strategy while they are middle aged because they believe their income is too low to warrant it. However, estates are calculated from net worth and includes employee-benefit life insurance, home equity, insurance policies and other fund sources as well as income. Estate planning also helps determine how the estate will be distributed among surviving family members which is increasingly important because of longer life expectancies.

Usage, Estate planning

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