From Eolake’s blog, Who pays for the Pensions?:
Many people believe that what they pay in taxes now is being saved up to pay for their pension when they grow old. S’not so, what’s being paid now is paying for the current pensioners. And when the baby-boomers retire very soon, there may be a problem, it is a very large chunk of population to have on permanent vacation for 25 years, paid for by much small groups of younger generations.
(From a recent issue of MoneyWeek.)
I am always surprised how many of my family and friends are so anxious to retire by 55. I might retire when I’m 62 when my military pension kicks in, or 67.5 when my social security maximizes. Fortunately I love my job, for the most part. But when we hear that people who retire early tend to die earlier than their working counterparts, you have to wonder. I am a bit frightened about retiring because my work so defines me. And I seem to learn something at least every week if not more often at work. What’s that old sayin’, “Be careful what you wish for, you might get it.”
The Bis Key Chronicles 