Aging Boom series: A coming wave of older people will put pressure on big-ticket programs, taxes and jobs. Retirement? It might not be what you planned.
“The irony is that while we talk about how aging will affect the economy, the actual answer to most of the potential problems is that we should be investing more in education for young people,” Myers added.
Recent studies suggest Social Security and Medicare – two programs that keep tens of millions of Americans out of abject poverty – are shaky but not broken. What the report leaves out is that those “many policy options” will be chosen by elected politicians during a time when the fastest-growing segment of their electorate will be beneficiaries of those same programs. The pressure to keep Social Security and Medicare robust, or at least healthy, could be powerful.
More older people means fewer babies. And, experts say, a long-term decline in population growth also figures to mean a long-term slowdown in the economy. If that plays out, the result won’t just be dry numbers on some government website; it could mean fewer raises and less economic opportunity for a generation or two of future American workers.
Today, about 1 in 4 American workers is 54 or older, a figure that could grow a lot in the next few years. Afrom the U.S. Bureau of Labor Statistics and the Retirement Equity Lab at the New School in New York predicts the U.S. economy will get about 6 million new jobs between now and 2029, and that 4.4 million of those positions will be filled by people age 55 and older. The fastest-growing segment of that future labor pool is expected to be people 65 and up.
But the biggest reason Marroquin represents the future is this: His Social Security check simply doesn’t cover the basics. Because he reached retirement age without a pension or significant savings Marroquin still needs some kind of paycheck.
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