120-year life spans come with a catch

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While rocking chair companies would be thrilled if everyone started living to 120, it could spell trouble for the rest of us. Experts believe that centenarians becoming anything more than an anomaly would put the world in an economic pickle and require a societal overhaul to adapt.

Even without futuristic tech that enables ultra-longevity, many developed countries are already in an economic bind due to aging populations and declining birth rates. The US Census Bureau projects that people older than 64 will reach 23% of the population by 2060 (compared to 17% in 2020), which means higher retirement and healthcare costs with fewer workers to offset them.

Learning to live long…and prosper

The future depends on how people age and whether they are healthy into their later years, economist Andrew J. Scott argues in his book The Longevity Imperative. He believes that society must strive to prevent ailments to make old age productive and enjoyable—which aligns with longevity enthusiasts’ goal of eternal youth.

But, Scott argues, that means we can’t continue living on our existing education → work → retirement timeline, and that we must reimagine what old age looks like.

• People routinely living past 100 and retiring at the current standard age (67 in the US) could mean decades of golfing that would squeeze retirement benefits systems.

• Scott thinks many people will have to work into their golden years and reeducate themselves throughout their lives, while governments need to promote health early on.

In a different workaround, countries with graying populations might already be adopting robots to replace retired human hands.

The status quo won’t cut it. Most Americans are not saving for retirement, and Social Security Administration projects that it’ll start running short on cash in just over a decade.