Life Expectancy on the Rise: Good News, Bad News
In 1900, an American alive at age 50 could expect to live another 21.3 years to 71.3 years.
In 1950, a 50-year old American could expect to live another 24.4 years to 74.4 years.
In 2003, a 50-year old American can expect to live another 30.6 years to 80.6 years (78.5 years for men and 82.4 years for women).
Good news: We have gained more than 9 years of life expectancy since 1900 for 50-year olds, a 44% increase, and we have gained more than 6 years of life expectancy since 1950, a 25% increase.
Bad news: Social Security is financially insolvent and headed for a meltdown, largely because it was designed in the 1930s, before the significant increase in life expectancy.
2 Comments:
Social Security is headed for a meltdown because it has been politically misused. Boomers have been cash cows for SS. Now that they are retiring and no longer cash cows they will be hamburger cows.
As a private employer, I would go to jail if I diverted the pension assets of my employees to my budget. The U.S. Congress does this every year with the current surplus in the Social Security budget. Just another example of congress not obeying the laws they write and expect U.S. citizens to obey. This is absolutely reprehensible.
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