By 2036, Social Security is expected to turn cash-flow negative, no longer able to pay out benefits and pensions.
There are several reasons for this, one of which is rising life expectancy and advances in medicine — keeping us alive longer during the very years when we'll no longer be paying taxes and will instead require long-term care budgets.
Many people have found a solution in private long-term care insurance. Even if Social Security can no longer provide the necessary care services, private insurance will cover the gap.
In my view, long-term care as we know it will become a thing of the past in the very near future — and that will effectively solve Social Security's budget problem.
The rise of artificial intelligence, combined with advances in robotics, will ensure that even as our bodies age, we'll be able to integrate them into robotic exoskeletons that let us manage independently. The technology is already here, and the prices are only coming down.
A home robot will soon be like a car in the driveway — not something every person on the planet owns, but certainly a standard household fixture in every Western country.
So what would you prefer?
Waiting for a cheerful caregiver to wheel you out to the garden for an hour a day, or continuing to live independently as cool — and slightly creepy — cyborgs?
I'm going with option two. 🤖 😀