Over four million Americans will reach traditional retirement age this year, more than any other time in history. By 2030, baby boomers will all be 65 or older, shrinking the workforce share of the population. What does this mean for Social Security, which is funded by taxing current workers?
WSJ breaks down how this demographic shift threatens the future of Social Security if nothing is done before 2034.
0:00 Baby boomers retiring
0:27 How the workforce is changing
1:10 How this impacts Social Security
2:26 How this affects the people
4:30 What reform would look like
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