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June 25, 2008 Baby Boomers Cause Demographic Tsunami
- When should you collect social security?
- How will your life be affected by the tsunami of retiring boomers? What does this mean for managing money, specifically, managing money for a 21st century lifestyle?
New Investing Rules Needed
Hello and welcome to 21st Century TV. I thought for today’s talk we’d have a history lesson. The history lesson is this: There is a woman named Ida Mae Fuller of Vermont. She was the very first Social Security recipient—she received check 001. This was in 1940 and it was for about twenty two dollars per month. Ms. Fuller lived to be one hundred years old so she collected Social Security until the age of one hundred. Now, why a little history lesson today?
First baby boomer takes social security
Because something very important occurred about three or four weeks ago. Three or four weeks ago, a woman who is considered to be the very first baby boomer—I know some of you might be laughing that someone actually has that distinction but she is considered to be the first baby boomer—she took her Social Security. She qualified; she applied for it, at age 62.
Think about this. Ms. Fuller, who retired in 1940, lived to be age hundred, and now we have the first baby boomer. There are tens of millions of baby boomers. The first one took Social Security at age 62.
This is important because there is this huge demographic tsunami. All of these people are now going to begin to take Social Security. It has, of course, lots of implications for things like inflation, interest rates, etc. But what we are really focused on here today is, how does this relate to managing money and managing money in the 21st century? Someone like Ms. Fuller who retired in 1940 likely had her money in a bank account and just lived off of the interest.
Living off interest doesn’t cut it anymore
Today those old rules not only don’t work, because—think about if a bank account pays four or five percent. That means that every million dollars generates, maybe, forty or fifty thousand dollars of income. So, the old rules not only don’t work but, in fact, in many ways hurt people.
Because preparing for a 21st century retirement means that you have to prepare the money to deliver income for decades—for, literally, decades you have to have a growing stream of income—it’s going to require a very, very different point of view. It’s going to require different ways looking at old rules and different ways of assessing risk, one of those risks being that the income is going to have to provide for many decades. It’s going to be not only as much about how much money you actually have but, I think, in ways it’ll be more about how do you actually manage that money. How do you actually manage income from the money that you have? That’s something that we are very much focused on here at 21st Century Income.
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