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Projected annual deficits of $1 trillion and more for the next decade will be driven by an increasingly aging society and the growing costs of Social Security and Medicare, according to the Congressional Budget Office's Budget and Economic Outlook for the next decade.
"The number of people age 65 or older is now more than twice what it was 50 years ago, and that number is expected to rise by about one-third by 2030," CBO's report says.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
