On Jan. 1, the first baby boomer turns 62 -- and yes, she'll be signing up for early Social Security benefits [1].

USA Today's Richard Wolf hunted down Kathleen Casey-Kirschling, who was the first child born on Jan. 1, 1946, and thus the first baby in the 78-million-strong baby boom. It's the enormous cost of covering Social Security and Medicare for the boomers that's the biggest problem facing the nation's finances, with an estimated $50 trillion in liabilities bearing down on us [1]. And Casey-Kirschling, like about half of all Social Security recipients, decided it makes more sense to take a smaller benefit at 62 rather than the full amount when she turns 65. "I could be dead next year," she says, "so why not take it this year?"

Casey-Kirschling's decision doesn't change the scope of the problem in any way -- but it does mean the problem has actually arrived. The retirement of the baby boomers isn't some far-off concern; it's right in front of us [1]. There's no more time to put this off.

Fortunately, and contrary to the conventional wisdom, people can have an honest discussion on this issue. That's what happened in our most recent Facing Up dialogue in New Hampshire [1], which Wolf covered in a sidebar to the baby boom story [2]. Together, these are the must-read budget stories of the day.