We’ve been warned now for many years that when the Baby Boomers begin to retire the Social Security system would soon begin to bend and sway under the avalanche of new retirees. Well, that day has just arrived. The very first official baby boomer as just applied for Social Security and the press is all over it. A women in New Jersey who was born on January 1, 1946 has just applied this past week, making her the first of her generation, those born from 1946-1964, to apply.

What does this mean for you? Well, probably not much really, but it makes for a quick story since we’ve been hearing about the dire warnings for years now. The Social Security Commissioner, Michael Astrue, has called this the beginning of the “silver tsunami.” This great wave of retirees may include up to 80 million individuals who make up the generation. By current measures, experts feel that by 2017 Social Security will pay out more than it takes in, and that if important steps are not taken soon, the fund will run out of money in 2041. It should be an interesting couple of decades. I would recommend that if you are planning on retiring anytime after about 2030 that you seriously consider getting your retirement plan into action immediately.

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