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Senior Citizens Today with a number of people approaching the age of maturity, which will soon drastically increase due to the Baby Boomers, more people under the age fifty will have the burden of paying for those seniors. An end result will be that the government will raise costs for goods and medical services, which again more of the younger generation will have to pay a larger amount too. Right now, with the current expenditures of Social Security to senior citizens, federal taxes will increase beginning on or around the year 2010. This increase will start paying back the Social Security fund which will be operating in a deficit. As of now many politicians and the Social Security Administration pretend that this problem doesn’t exist, and that there is nothing to worry over. If nothing is changed between now and then, there are only two choices, both of which seem impossible: cut benefits or raise taxes on still employed workers. By this time the Baby Boomers will have already paid major amounts of money into Social Security, some as much as $250,000 a person. By the time this group approaches the retirement age, the younger people will have suffered a significant decrease in the standard of living due to the considerable increase in income taxes to support the retired population. When this occurs, the retired will have the longest laid-back retirement, which by then will be the longest recorded retirement in human history.
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