It is 2025 and the news coming out is that seniors could be headed for problems with a decade.
Since mid-September, more than 3,600 older adults have shared their life regrets with Business Insider through reader surveys and direct emails. Many spoke about their struggles navigating programs like Social Security, the Supplemental Nutrition Assistance Program, and Medicare. This is part of a series on Americans’ retirement regrets.
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Still, many people are struggling, and the pressures are only likely to grow as the population ages and funding wanes. Some argue that such trends increase the need to preserve or bolster government programs designed to reduce poverty among older adults.
I am what they call a “baby boomer” and the predictions are not so good for us boomers in the coming years….
As the silver tsunami continues, and more and more workers in the baby boomer generation hit their full retirement age, a larger percentage of the country’s population will be over 65 than ever before. According to a report from the Administration for Community Living, 31.9 million people in the U.S. were 65 and over as of 2022. This not only represented 17.3% of the country’s entire population that year, but the number of Americans that are expected to be 65 and over is anticipated to grow to 22% of the U.S. population by 2040. Another statistic to keep in mind is that the number of older Americans has increased by a whopping 34% since 2012, which far outweighs the 2% population increase for those under 65.
All of this is to say that the country will have more older people living on fixed incomes than it has had in its history. This will not only complicate programs like Social Security, which is already on track to run out of its trust funds beginning in 2033, but also add further pressure on the country’s growing housing crisis. The lack of affordable housing that is already plaguing many Americans is on track to be especially detrimental for the country’s older population. Since most retirees live on fixed income from any combination of 401(k)s, Roth IRAs, Social Security, or other savings, they have less flexibility to handle increasing prices. While this issue is countrywide, there are certain geographic areas that can be even worse.
Life is not easy for our seniors and I do not see much positive situations in the near future.
Sorry to be a Bummer.
I Read, I Write, You Know
“lego ergo scribo”
I have social security and a modest pension. I thought I’d be OK rest of my life $-wise. but starting to worry. Lost 30% purchasing power inflation last 4 years but a year’s supply of Eliquis takes almost one entire soc sec check.
I also have SS and a pension and it is hard to manage….without medicare my cancer drug cost $23000 every 6 weeks. chuq
I understand.
Savings mean little when it can be wiped out overnight. chuq
We have a similar situation here. The population ages, the existing medical infrastructure cannot cope, there are not enough younger people working in social care to look after sick old people at home, and the income of most retired people remains more or less static as inflation and price increases cancel out small annual rises in pensions. And that’s already happening. So by 2050, it will definitely be a ‘crisis’.
Best wishes, Pete.
I will wait to see what the dullards in DC come up with this time….our ‘crisis’ could come sooner than later. chuq
I am involved with a TV show that is about everyday finance…and the first and foremost advice we impart is START SAVING NOW It doesn’t matter if it’s a dollar or a dime, just anything to motivate you to save for the future! It’s more vital now than ever as the entitlements are going to be under more and more pressure – so no one should depend on that!
Great advice….but it is too late for most seniors these days. chuq
What scares me is that about half of all Americans are not saving for retirement at all, and many are not saving anything at all. If their income was interrupted for more than a few weeks they’d be destitute. There are a lot of reasons why, of course. Income has not kept up for the increases in the cost of living, especially in areas like housing and things like that.
I live on my social security, how can billionaires relate to that?!
Great question and I do not think they can for they are too self-adsorb…..chuq
Suicide is painless. It brings on many changes.
Who wants to live forever?
Life is cheap. If I knew then what I know now..
Why worry? Is that all there’s is? (Answer: yup)
The theme from M*A*S*H…..hindsight as they say is 20-20 chuq
Senior Citizens and their survival will be totally off consideration during the incoming administration —they will be considered as “Losers” and will face the old Republican notion that “Everybody is responsible for their own welfare and it is not the duty of the government to keep people from the cradle to the grave.” So get ready to lose what little you already have. Voting has consequences.,
But I thought it was the Dems that had the ‘death panels’….sucky thoughts. chuq
If they could keep from borrowing from the social security trust fund all the time there would be no problem with social security but nobody ever mentions this.
So true and if everyone paid as I do there would be no problem chuq
I fear that the day will come when the government will begin a “Resettlement” program for seniors — complete with free train tickets and money for the trip —to specialized communities in the desert somewhere — Trumplinka or AuschTrumpwitzblinka— or some other similar destination.
I hate heat. chuq
Greenland doesn’t have much heat…better place for gulags.
Will not have to worry about too much heat…..for now chuq