FROM CNN's Jack Cafferty:
Can you afford to get old?
In case you weren't already worried about your retirement, now comes word that it's getting more expensive to get old.
The International Monetary Fund says people around the world are living three years longer than expected. That's increasing the cost of aging by 50% - and governments and pension funds aren't ready for it.
Reuters reports the IMF study, coming out next week, shows that longevity is a bigger risk than previously thought.
Researchers say that if everyone in 2050 lived three years longer than now expected, society would need extra resources "equal to 1 to 2% of GDP per year."
In the United States alone, an extra three years of life would add 9% to private pension plan liabilities.
Life expectancy in the United States is approximately 78.5 years. According to the CIA World Factbook, the U.S. ranks 50th worldwide. At the top of the list is Monaco, where people live an average of almost 90 years, followed by countries like Macau, Japan and Singapore.
As medicine improves and standards of living go up in some of the developed countries, people continue to live longer. The IMF is calling on governments and the private sector to prepare now for those longer life spans.
Governments' options are fairly limited. Raise the retirement age, raise taxes to fund public pension plans, and lower benefits. A lot of countries are already considering doing all of this to tackle crippling national debts.
Another step governments could take would be to educate people on how to better prepare for their retirement.
Here’s my question to you: Can you afford to get old?
Tune in to the Situation Room at 4pm to see if Jack reads your answer on air.
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.