What solutions do you propose that we take now in order to address budgetary challenges of an aging society?

Answer 1

You ask a great question! It's great to know there is someone else on Yahoo Answers who is thinking ahead. Here are a few thoughts:

1. Make prevention of diseases and disabilities a priority for all ages. Give tax breaks or some other kind of incentives to people who exercise, maintain a healthly weight, wear seat belts and don't smoke or drink alcohol. Maybe even include an incentive for people who practice safe sex. The point is, we need to invest in keeping people healthy and delay or avoid altogether if they can --disabling conditions. No one has ever died of "old age"--yet people who are older have a higher percentage of disabling conditions. Preventive services do not "cost" these are investments! Possible tax sources might be excise taxes on cigarettes and alcohol and a tax on fast food or high sugar/fructose beverages.

2. Youth Caregiving/Health Care initiatives. Give incentives to schools that incorporate something like "Life Span Education" within the curricula of all schools. Because of our nation's demographics, the future family caregivers--and the professional caregivers, too--for baby boomers are in our school system now. These kids--and their parents, grandparents and future older neighbors--would be well-served if they had understanding about the aging process and be provided practical skills that would be helpful to them now, and in the future. Also, incentives should be given to kids who choose to become LPNs or gain other medical professions. Young adults who choose to do work in these professions, say for two years (or equivalent) might be given a break on their college tuition. The demographics clearly show there will be a shortage of health care workers in the future. Also, most care for older people who need it is provided by family members--these skills will be in critical need in the future.

3. Long-Term Care insurance--there are plans out there, but plans are not standardized for easy comparison--and this failure poses a problem for the average American who doesn't even want to think about growing old, let alone, spend money for insurance that he or she believes they might not ever use. The folks in the insurance industry and the insurance commissioners in all states should come up with something that defines specific benefits in this insurance area so that consumers can make smart comparisons and smart choices.

4. Give incentives to builders and housing project developers to incorporate universal design in the homes that are being built today. This will mean that our housing stock will be able to accomodate the needs of older homeowners/renters for a longer time. Having community relationships--neighbors and friends--is an essential aspect to successful aging in place. Universal design elements would also expand housing choices for all people with disabling conditions.

5. Support Increased funding for community-based services--like personal care, home-delivered meals and others -- that help older people live independently and support their family caregivers. In-home services for seniors will be needed in the future more than ever. Monies are needed by organizations that provide care so that technology can be expanded to meet the needs of older people who need some help in their home to get along. Increase funding for the Older Americans Act which leverages local funds and resources to meet the information and in-home needs of seniors. Give more money to the Administration on Aging to do these important services.

6. Invest in the transportation system. Isolation of seniors kills folks faster than disease. There is a need to re-vamp the transportation system in our country to accomodate the needs of getting older people from one place to another. This system must be affordable to the consumer and meet the needs! Transportation --even to medical appointments--is already a critical problem for seniors who live in rural areas in our nation. Possible sources of revenue might be the gasoline tax--yes, I know the price is already high enough!

7. Urge leaders in Congress to make the necessary adjustments to Social Security--BUT DON"T PRIVATIZE SOCIAL SECURITY!
Social Security is not "on the brink of failure" as some would have us believe, yet, certain adjustments need to be made soon so that the financial situation doesn't get any worse. Establishing personal Social Security Savings accounts will not solve the problem. Nancy Altman has written an excellent book about this. You might want to check it out. She even proposes a plan for financing Social Security that makes sense.

Again, thanks for this question. Hope these ideas help somehow!

Answer 2

Huge tax credits for savings accounts left untouched...