LYCOS RETRIEVER 
Social Security Administration: Baby Boomers
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The New York Times reports on forthcoming studies from the Social Security Advisory Board that will outline the administrative problems the Social Security Administration will face in handling the tidal wave of baby boomer retirements in coming years. The SSAB was created in 1994 to advise the president and Congress.
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While much attention has been directed to Baby Boomers' eligibility for Social Security in 2006, another important milestone has been largely overlooked. On July 1st, 2005, the first Baby Boomers reach retirement age-- as defined by the Internal Revenue Service. Those born January 1, 1946 turn age 59 1/2 on July 1st, 2005, and may withdraw from retirement accounts without the 10% penalties levied on early withdrawals.
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The good news is that yet another report has come to the forefront about how the Baby Boomers moving into retirement may just raid the Social Security coffers and leave nothing behind. Perhaps, this time the politicians will take notice and take action.
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