This USA Today article discusses the looming crisis in the cost of health care and retirement benefits as the American population ages.
A Million Over 100 Years Old
The Census Bureau estimates that the country will have more than a million people aged 100 or more by 2050, as compared to only 71,000 today. At the same time, the average American retires five years earlier than in 1950 and lives 12 years longer. The resulting vast increase in post-work years is causing a money drain on the funds available for senior citizens.
Baby Boomers Retiring
In 2008, the first baby boomers, those born during the nation's mid-20th century population explosion, will qualify for Social Security. In 2011, the first baby boomers will qualify for Medicare. This will soon be followed by a great increase in the number of those making use of the programs.
Costly Medical Innovations
One problem is that much of the longer lifespan is the result of medical innovations, such as defibrillators, which cost a good deal of money, rather than through inexpensive means such as staying trim and not smoking. As a result, lawmakers might eventually be forced to make life-and-death decisions about the availability of medical innovation in order to control Medicare costs.
