What is happening now?  Many more older US citizens are living into their late 80s and 90s and outliving their retirement savings.  What does this mean?     
Greenhouse cites a Boston College study that found that "53 percent of Americans were 'at risk' of being unable to maintain their pre-retirement standard of living once they retire, up from 30 percent in 1989. A study last May by the Employee Benefit Research Institute found that 44 percent may not have enough money to meet their basic needs in retirement."
Today, one-third of retirees in the United States rely solely on Social Security, with benefits averaging just over $15,000 a year for an individual and $30,000 for a couple.  Can you live on this income? It can't be easy.
A generation ago, most workers with employer-based retirement plans were enrolled in traditional pension plans promising a monthly stipend for life after retirement.  But that's changed drastically.  The BLS (Bureau of Labor Statistics) data shows that only a quarter of all workers now enjoy a "traditional pension plan."  Only 26 percent of all workers are in such pension plans, including 17 percent of private-sector workers, according to the Bureau of Labor Statistics. Most people whose employers do offer retirement plans are enrolled in 401(k)’s instead, and 58 percent of workers are not participating in an employer-based retirement plan, according to the Center for Retirement Research at Boston College.
What's the future of those who will "come of old age" in the years and decades ahead?  Will we/they live in poverty and misery with fore-shortened lives?  Will the US economic system support or sustain its elder citizens?  Or will the 1% who control so much US wealth today ignore their fellow citizens?  What do you think?  Please share your views in our comments section.
Susanne Paul for Global Action on Aging