“Senior citizens shoplift lunch boxes and bread out of poverty,” said Yusuke Ishikawa in a Bloomberg article entitled ‘Silver Shoplifters Steal Bowls of Rice as Abe Cuts Welfare.’ … The current trend is probably going to continue because the overall population is aging rapidly.”
According to the CIA World Fact Book,
“The current level of pensions is unsustainable, the payments have to be reduced,” said (Koichi) Haji at NLI Research. “Elderly people are gradually digging into their savings, and the rate at which they dig into those savings will accelerate.”
Sounds familiar, doesn’t it? The unsustainability of some public pensions has contributed to disastrous financial downfalls in municipalities like
Prime Minister Shinzo Abe supports changing the pension age from 60 to 65 over the next 12 years. Abe is also hoping that
While I have no crystal ball, my guess is that the U.S. Social Security structure will remain intact until the Baby Boomers give way to Generation Y, owing to our political clout and other factors. But if we are to reduce the debt and balance the budget here in the
Margaret R. McDowell, ChFC, AIF, a syndicated economic columnist, chartered financial consultant and accredited investment fiduciary, is the founder of Arbor Wealth Management, LLC, (850-608-6121— www.arborwealth.net), a fee-only registered investment advisory firm located near Sandestin.