Americans will work longer in the future before retiring, says Olivia Mitchell.
Episode Description
Wharton Professor Olivia Mitchell, who researches retirement policy, talks about the forecasted future of Social Security benefits, which are projected to become insolvent by 2033. The implications of this will be working longer before retirement.
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Brief Summary
Social Security and Medicare face insolvency by 2033, requiring potential benefit cuts or tax increases.
Key points
- Social Security Insolvency. Social Security is projected to become insolvent by 2033, leading to potential benefit cuts.
- Aging Population Crisis. The aging population and declining fertility rates threaten future support for retirees.
