383 Ridgedale Ave, 2nd Floor
East Hanover, NJ 07936
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Social Security Maximization

The Baby Boomer Effect

Baby boomers have changed the face of the U.S. population for more than 70 years and continue to do so as more enter their senior years, a demographic shift often referred to as a “gray tsunami.” The 2020 Census will provide the most up-to-date count of the baby boom generation, now estimated at about 73 million. Born after World War II, from 1946 to 1964, the oldest boomers will turn 74 next year. When the last census was taken in 2010, the oldest had not even turned 65. Since then, about 10,000 a day have crossed that age threshold and by 2030, all boomers will be at least age 65.

Financial Impact on Social Security

Social Security faces a financial challenge from the impending retirement of the largest generation in American history, the 76 million persons born in the “baby boom” years, from 1946 through 1964. Boomers began to reach age 62 in 2008. The cost of Social Security will rise faster than tax income because the population over age 65 will grow faster than the working-age population. Even as the boomers retire, Social Security costs are projected to rise only slightly, because the retirement age increase and other cuts enacted in the 1980s have already reduced benefits.

Our Approach and Social Security Maximization

Our team has focused on helping baby boomers navigate social security benefits approaching retirement. This is a crucial piece in the retirement planning analysis. When our advisors sit with individuals/couples, we educate how electing one benefit has a financial impact on the spouses benefit. So we have to look at all streams of income before making any decision on how to elect social security benefits. Our team also uses a software analyzer in which the software illustrates the way to maximize your benefits, regardless if single or married. Please see below a picture of our report generated by the software:   



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Financial Planning