How Millions of Aging Baby Boomers Could Bust the Economy

Breakthroughs in medicine and technology and a growing focus on physical fitness and better diets have extended human lifespans by 30 years since 1900. The average lifespan is now 79, compared to 73 just three decades ago.

At the same time, new research by United Income, an investment advisory service in Washington, D.C., shows that Americans’ pessimism and unease about the state of the economy and their own future financial well-being grows the longer they live.

Paradoxically, even as psychological studies show that people generally become happier about their lives the older they get, they nonetheless are “overly pessimistic” about their financial futures, according to the analysis.

The report not only highlights growing economic anxiety among an increasingly important and influential cohort of the population, but also suggests that this overarching pessimism and caution could adversely affect the economy and slow GDP growth.

- The Fiscal Times

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