As a quick follow up to my earlier post on Kathleen Casey-Kirschling, the first Baby Boomer, I recently read with interest that the 2006 midterm election exit polls showed voters 50 and older making up 52 percent of those casting ballots. That is up dramatically from 35 percent of those who cast ballots in the 2004 presidential election, just two years earlier.
As the 10,000 boomers, on average, turn 62 each day over the next two decades, the percentage of 50 plus voters casting ballots is expected to increase correspondingly. The effects of this ageing population in this year's presidential election are expected to be enormous.
That can only be more good news for John McCain!
Unrelated to this year's presidential politics, but rather from a real estate and estate planning perspective, I cannot help but wonder what will become of the tremendous wealth that has been accumulated by this huge and for the most part, quite fortunate, population bubble as it eventually begins to pass on?
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Rainer
7,160
7,160
NP Dodge Real Estate - Omaha, NE
Real Estate Agent - Nebraska- Iowa
Hey Kel, aren't you a boomer too! Do you plan on passing on soon? I don't. Okay, I'm a younger boomer, but my husband is an older boomer. We're still taking care of his parent's generation. Yes they are in their late 80's and 90's but they are very much with us. It's too soon to think of what will happen when our generation passes. (My dad turned 75 yesterday and he's still young.)
We boomers have tremendous influence but Obama is the first post-boomer candidate and is attracting huge numbers of young people to become active in politics. I think it's great to see my son and his friends engaged. Let's hope that this engagement leads to engagement in other areas as well.
Rainer
161,227
161,227
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate
Kel,
As I read your post, I became more and more convinced that I may very well never see any of my hard earned social security benefits. I'm hopeful that the baby boomers can see to it to share some of their wealth with generations of retirees to come.
Rainer
4,771
4,771
Buy USA Real Estate - Vero Beach, FL
Vero Beach, Florida EBA
Dear Stefen,
Maybe you need not fret overly. Please allow me to quote the following from a recent AARP article.
"Social Security faces no immediate crisis but a serious, though manageable, long-term financing problem. According to Social Security Administration (SSA) actuaries, even with no changes, Social Security can pay full benefits through 2041. After that date, Social Security can pay 74 percent of promised benefits.68
Social Security's long-term solvency problem can be solved by relatively modest adjustments if we make them now (see Table 1). The system does not need a major overhaul, and AARP firmly opposes plans that create private investment accounts financed with Social Security tax revenues. Diverting funds from Social Security into private accounts does not make the system solvent; it makes the problem worse."
The full article may be found at:
http://www.aarp.org/research/blueprint/meetingthechallenge/keeping_social_security_solvent.html
Rainer
4,771
4,771
Buy USA Real Estate - Vero Beach, FL
Vero Beach, Florida EBA
Hi Gloria,
Thank you for your reply! Yes, being a 7th year boomer (1953), and a Florida real estate broker interested in boomer trends in real estate, I look upon this information with great interest. As more and more folks reach retirement, my confident hope is that Florida will continue to be attractive to the many planning to retire to the sunbelt states. Living close to 55 years already, I am certain the next 20 shall fly by!
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