“Great minds think alike.”
The recent annual meeting of the Association for Advanced Life Underwriting brought together a collection of great minds to discuss the current economic climate and upcoming political elections. A similar theme emerged in messages presented by Dr. Alan Greenspan, former chairman of the Board of Governors for the Federal Reserve; David Walker, United States Comptroller General; and George Will, the well-known political columnist.
Their common theme was simple but had larger financial implications for our industry and our senior clients: the U.S. Social Security program and an aging population are creating unprecedented economic challenges that our elected officials are not adequately addressing.
Social Security is our largest government program, with more than 44 million individuals collecting benefits. The program began during the administration of President Franklin D. Roosevelt about 70 years ago. When the program first began, individuals could qualify for Social Security benefits at age 65, the same age as the average life expectancy.