America's retirement crisis: 29% of people 55 or older lack savings or pensions, says the Government Accountability Office (GAO). 1 in 4 people aged 65 or older is still working, many because they have no choice but to keep working as Social Security cannot cover their living costs. These working seniors find themselves too poor to retire, too young to die.
Rising Demand for Long-Term Services and Supports for Elderly People (pdf, 574 kb) - "By 2050, one-fifth of the total U.S. population will be elderly (that is, 65 or older), up from 12 percent in 2000 and 8 percent in 1950. The number of people age 85 or older will grow the fastest over the next few decades, constituting 4 percent of the population by 2050, or 10 times its share in 1950. That growth in the elderly population will bring a corresponding surge in the number of elderly people with functional and cognitive limitations."
"We’re not going to say, 'Give it to me and let my grandchildren suffer.' I think they underestimate seniors when they think that way." But 71-year-old Barbara Sullivan cannot imagine asking people to pay higher taxes. And as she considered making do with less, she started to cry." (slnyt) [more inside]
The Gray And The Brown - why the baby boom generation's concerns about race may mean that it's stabbing itself in the back as it moves into retirement.
One man's retirement math: Social Security wins At the heart of President Bush's plan to sell Social Security private accounts is a simple notion: You're always better off investing your retirement money than letting the government do it. By doing it yourself, you can stow some money in the stock market, and over the long run will get a better return on that investment than today's Social Security system offers. The idea is broadly accepted. That's why the administration's plan to partially privatize the system sounds appealing to many. But that better return won't always happen. Just ask Stanley Logue of San Diego. For 45 years, the defense-industry analyst paid into the system until his retirement in 1994. But with all the recent hoopla over reform, Mr. Logue, a Massachusetts Institute of Technology graduate, decided to go back and check his own records. Would he have done better investing his money than the bureaucrats at the Social Security Administration?