According to a White House policy brief, a 65 year old man, today, can expect to live another 17 years; a woman, 20 years. That’s great news … except that one third of the elderly rely on Social Security for over 90% of their income. That’s not exactly the equal balance of Social Security, individual savings, and employer retirement plans that was envisioned when Social Security came into existence. And 10,000 more Americans turn 65 every day. We’re definitely going to need to rethink how we handle retirement, and how we financially care for the elderly.
