The future of Social Security and Medicare is not as bleak as is often reported in the media, according to a new report from the National Academy on an Aging Society in Washington, D.C.
Drawing on predictions from the U.S. Census Bureau and several other sources, the report encourages policy makers and health officials to hold off enacting major changes to Social Security and Medicare based solely on the swelling ranks of aging baby boomers.
The report's optimistic tone is based on the "healthier, wealthier and better educated" profile of older Americans.
The report does not offer solutions but attempts to put the financial needs of the aging in context by highlighting that:
- The number of elderly Americans in the year 2040 will range anywhere from 288 million to 458 million.
- Many people believe that Social Security is in trouble because of the large number of baby boomers - an estimated 76 million people born between 1946 and 1964. But the report notes that almost as many babies were born (72 million) between 1980 and 1998.
(National Academy on an Aging Society, 202/408-3375)