The American population continues to live longer and longer, but some are dying younger, according to recent data revealing that life expectancy estimates for 65-year-olds dropped by six months. These trends create a widening gap between the wealthy and poor Americans. Not only are the wealthiest people living longer, they are also reaping the greatest financial reward for their longevity courtesy of the American taxpayers. Tweaks to Social Security, Medicare, and other benefit programs could affect the rich and poor quite differently, namely benefiting well-off Americans, as Congress and the new administration consider changes to these long-standing programs. As they live longer, the wealthy Americans can expect to collect substantially more Social Security over their lifetimes. Ultimately, your life expectancy is a factor when planning and saving for retirement, so being conscious of how this will affect your future is key.
See Ben Steverman, The Rich Are Living Longer and Taking More from Taxpayers, Financial Advisor, April 24, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
