Media Type: Music Topic: Money & Banking, Income & Poverty

Gwen Stefani

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Because income is scarce people must trade current consumption for for future consumption. Since 1950, the average age for retirement has fallen for both men and women. In 1940, the average retiree lived for ten years after retirement. Today, the average retiree lives 18 years in retirement.

Comment on how these demographic changes make financing the Social Security system so difficult beyond 2020. Would raising the retirement age for future Social Security recipients be enough to balance the expected shortfall in revenues?

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