The social security office released the March 2024 snapshot and it’s a huge jump in enrollments. For March 2024, there were 148,000 new social security enrollees over the age of 65. The current monthly cost of the current benefits is $119.8 billion according to the social security snapshot.
We expect the social security enrollments to balloon over the next 7 years as all baby boomers will hit age 65 by 2030 so the numbers will start to trend upward faster and higher.
On average 120,000 baby boomers retired every month in 2023. Unfortunately not all baby boomers have enough money to retire so they will be heavily dependent on social programs to get by day to day.
The WSJ reported today that Jerome Powell doesn’t think there may be rate cuts this year and perhaps the Fed is beginning to understand that inflation isn’t going to go away with millions of baby boomers leaving the workforce, birth rates at all time lows and huge demand for goods and services.
We’ll keep an eye on social security enrollments in 2024 so stay tuned, stay profitable and stay solvent…