Retire Your Retirement Worries

by Vanessa Loy (BPRW)

You've probably heard of the “Baby Boomer” generation, if you aren’t already a member of that generation. The phrase describes the large number of U.S. births that occurred between 1946 and 1964, following the economic prosperity after World War II. Baby Boomers made their mark on society by their participation in the Civil Rights Movement, the Vietnam War and the Women's Movement. As Baby Boomers enter their 50s and 60s, lawmakers and economists are concerned about how they will make their mark on our nation’s economy and health care system as they enter retirement age.

U.S. Representative Stephanie Tubbs Jones took up this issue in a recent editorial she authored for the Louisiana Weekly. In the article, Jones referred to U.S. Census figures indicating that the present number of Americans over age 65 will increase to 87 million people by the middle of this century. Why the increase? Breakthroughs in technology and medicine are allowing the elderly to live longer than they did in previous generations. Baby Boomers also tended to have fewer children than their own parents did. As a result, many Baby Boomers worry that Social Security and Medicare programs will be jeopardized if the non-working elderly population outnumbers the younger workforce.

Jones listed some statistics facing African American retirees:
• 45 percent of employed African Americans do not have access to employer-based retirement benefits.
• Of the remaining 55 percent who do have access to those benefits, only 41.5 percent participate in them.
• Social Security is the sole source of income for a third of all African Americans over age 65.
• 48 percent of African Americans claim to have saved money for retirement.

In order to make sure all Americans enjoy financial security in their retirement, Jones has collaborated with other legislators in introducing the Retirement Security for Life Act, also known as H.R. 2205. If passed, this bipartisan bill would allow retirees to receive up to $20,000 tax-free each year, if they invest their assets in personal annuities and other retirement plans that give lifetime payments. This will encourage workers to purchase plans that will provide financial security, unaffected by the changes in traditional employment benefits.

You can log on to www.congress.org and www.house.gov to obtain contact information for your representatives, and let them know your opinion on this retirement bill. While legislation can help, it is ultimately up to you to become knowledgeable about your retirement options, and seek out professional advice if necessary. The earlier in life you start planning, the longer you can enjoy your golden years.