Abstract:

From an economic perspective, the aging of the U.S. population raises some fundamental questions concerning whether the elderly, & the rest of the population, will have sufficient financial claims against the economy's future output of goods & services to satisfy their basic needs & maintain a decent standard of living. The major sources of financial support for the aged are described-social security, employer-sponsored asset accumulation plans, & personal savings-& their future contributions are assessed. Disparities in intergenerational consumption are identified, & suggestions for equalizing these are offered. It is concluded that, with the exception of the "old old" & certain special groups, the current generation of elderly are reasonably well off in financial terms, & there is no reason to be unduly concerned about their plight for at least the next fifty years.