Paying for an Aging Population
America is starting to experience a boom in the extreme age demographic of 100 plus years old. More and more people are living longer and longer thanks to our ever increasing advances in medical technology. This is promising to create a growing problem for the Social Security system as it pays out benefits for the life of the recipients. As life expectancy increases it becomes more unrealistic that the average worker can save enough money to fund their full retirement. Henry Aaron, a Brookings Institute researcher, points out that you would need to put away 31% of your income each year that you work in order to assure that you can sustain yourself until the age of 100. For this reason, experts are encouraging retirees to maintain at least part-time work after retirement age in order to make sure that they can stay funded in their more advanced ages. For more information on this subject, visit this article by Chris Farrell with Next Avenue.