An estimated 77 million baby boomers are beginning to retire, and while they’re expected to live longer than their parents, many have less money put away for retirement. They’re also likely to face higher costs for housing and medical care during their retirement.
On top of that, when some steel companies and other businesses went bankrupt and transferred their pension liabilities to the Pension Benefit Guaranty Corp., the taxpayer-funded agency was saddled with costly obligations. As of Sept. 30, 2005, the agency’s annual Performance and Accountability Report showed a deficit of $22.8 billion.
