What will happen when baby boomers begin to retire?
It is estimated that in 2010, when baby boomers start to reach age 65, the number of retirees will soar. During the next decade, the overall population growth in the U.S. is expected to grow at approximately 2% while population growth for retirees is expected to exceed 25%. Currently, about five working Americans support one retiree. When the baby boomers begin to retire, it is estimated that three working Americans will support one retiree.
Reducing Social Security or Medicare benefits is a hot potato that almost all politicians refuse to touch because they fear that retirees in their districts will vote them out of office at the next election if they do take a position.
The more politically palatable remedy will be to increase the age when retirement benefits begin. Complicating this formula are unknowns such as increasing longevity due to medical advances like genetic engineering and discoveries of cures for diseases (especially those affecting the elderly).
If the aging process can be delayed by medical advances and discoveries (as some foresee), the retirement age in 25 - 40 years may be 75-80 years.
It is estimated that in 2010, when baby boomers start to reach age 65, the number of retirees will soar. During the next decade, the overall population growth in the U.S. is expected to grow at approximately 2% while population growth for retirees is expected to exceed 25%. Currently, about five working Americans support one retiree. When the baby boomers begin to retire, it is estimated that three working Americans will support one retiree.
Reducing Social Security or Medicare benefits is a hot potato that almost all politicians refuse to touch because they fear that retirees in their districts will vote them out of office at the next election if they do take a position.
The more politically palatable remedy will be to increase the age when retirement benefits begin. Complicating this formula are unknowns such as increasing longevity due to medical advances like genetic engineering and discoveries of cures for diseases (especially those affecting the elderly).
If the aging process can be delayed by medical advances and discoveries (as some foresee), the retirement age in 25 - 40 years may be 75-80 years.
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