Developing a roadmap for later life that includes a Third Age can help set up individuals for higher quality lives. However, making such plans are not the responsibility of individuals alone. There are significant disparities in the length and opportunities available during the Third Age. We need policies designed to ensure that young people today have resources throughout their lives so they can develop a meaningful Third Age, and in doing so, we will be able to utilize the knowledge, skills, and abilities of our current and future elders.
Fixing Social Security is not rocket science. There is money available to fix it. Consider the $1.3 trillion of annual tax expenditures that are made each year. While some of these benefit low income households, it is estimated that over half benefit higher income households. Annual expenditures on Social Security are about $946 billion, so taking a knife to tax expenditures that favor the wealthy has promise.