Americans are living longer than our retirement system can handle — and many of us are unprepared

The U.S. Social Security Administration reported in 2024 that average life expectancy at age 65 has increased to 19.5 additional years, compared to 14.5 years in 1960. The Social Security Trust Fund's disability insurance trust fund is projected to be depleted by 2034, according to the fund's 2024 trustees report. A 2023 survey by the Employee Benefit Research Institute found that 42 percent of workers reported having less than 10,000 dollars in retirement savings. The Social Security Administration has not increased the full retirement age since 1983, when it was set to rise gradually to 67.

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