Retiring Boomers Face Uncertain Financial Future

According to Census projections, the number of Americans over the age of 85 is set to rise to 19 million by 2050. By comparison, there were only 3 million Americans older than 85 in 1990. A large part of that increase are the approximately 78 million baby boomers now approaching their retirement years. But with increasing life expectancies and dwindling government resources, today’s seniors face the risk of an uncertain financial future. A recent Gallup poll shows that a rising number of Americans say they expect to rely heavily on social security as a source of retirement income. But as people live longer, the likelihood that they’ll require costly medical care or assistance increases. The struggle to pay for the healthcare needs of an aging American population highlights the need for a proper retirement plan that goes beyond social security and accounts for increasing life spans. More here and here.

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