It seems as if an assisted living complex is going up on every other corner and half of the commercials on the evening news are for arthritis remedies, you’re not imagining things. The U.S. is rapidly aging, and businesses are responding. The percentage of people in the U.S. who are 65 and older has grown by nearly 35% in the past decade, and by 2040, about one in five Americans will be 65 or older, up from one in eight in 2000.
Although it’s comforting for seniors to be surrounded by people their own age, the trend is troubling from an economic standpoint. Data released by the U.S. Census Bureau in April showed that the country’s population grew by 7.4% over the past decade, the slowest rate since the 1930s.
The national slowdown in growth reflects a decline in immigration and a drop in the birth rate, which fell 4% last year, the largest decline in nearly 50 years. That means fewer people are joining the workforce and paying into the programs that seniors rely on, which are already under financial stress. According to the 2020 annual report by the Social Security Board of Trustees, Social Security’s annual costs are expected to exceed income from payroll taxes and interest starting this year, forcing Social Security to draw down its trust fund.
This story is from the July 2021 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2021 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Your Vacation Home Could Provide Tax-free Income
If you plan to rent out your vacation home, it's important to understand how your proceeds will be taxed.
A SOLID YEAR FOR THE KIPLINGER 25
All but one of our favorite actively managed, no-load mutual funds gained ground as markets recovered.
IT'S NOT YOUR IMAGINATION: YOUR CEREAL BOX IS SHRINKING
To avoid raising prices, some manufacturers are reducing the size of common grocery items. Here’s how to fight back.
SHOULD YOU WORRY ABOUT BEING LAID OFF? IT DEPENDS ON YOUR INDUSTRY
Downsizing has hit certain sectors. But cutbacks may be slowing, and some companies are expanding.
How identity thieves are exploiting your trust
Con artists themselves are disguising as well-known brands to steal your money and personal information.
CUT THE COST OF YOUR WIRELESS BILL
AT&T, T-Mobile and Verizon dominate the market, but smaller outfits offer similar network coverage at lower prices.
MAKING HOME ENERGY MORE AFFORDABLE
Households in need can get energy-efficiency upgrades, help with utility bills and more from this nonprofit.
A HEAD START FOR SAVERS
The Saver's Credit is designed to help low- and middleincome taxpayers contribute to a retirement account.
Say I Love You With a Money Date
To nurture a lasting bond with your partner, meet regularly to talk about money.
Plan for Your Own Elder Care
AFTER I wrote a series of columns in 2022 about elder care planning for family members, I received a number of responses like this one: “What about married couples who have no children or whose family members don’t live nearby?” wrote one reader. “Or a single individual with no close relatives? How should these people plan for their own elder care?”