The term Baby Boomers comes from the fact that during the forties, there was a massive increase in the birth rate. With Baby Boomers comes an extended life expectancy. These factors have had a massive effect on the nation’s social security reserves.
Although it’s not expected that Social Security will run out completely in the future, it is expected that the following generations will be getting far less money than Baby Boomers get today.
It’s been proposed that the age at which a person is eligible for social security should be raised to 70 rather than 65 to combat this, but Boomers have done little to actually put this plan into action.