CNN Money just published a great article about a just-released report by Moody’s Investment Service. It is about how rapidly much of the world is aging, and how disastrous this will be for the world economy.
The article states that by 2020, 13 countries will be “super-aged” – with more than 20% of the population over 65.
That number will rise to 34 nations by 2030. Only three qualify now: Germany, Italy and Japan.
“Demographic transition … is now upon us,” warn Elena Duggar and Madhavi Bokil, the authors of the Moody’s report.
“The unprecedented pace of aging will have a significant negative effect on economic growth over the next two decades across all regions.”
Moody’s finds that accelerating population growth will lead to slower economic growth. Will this also lead to a shortage of caregivers? I think so, especially for those without the money long-term care insurance (LTCi) provides to pay for care. This is certainly evidence that our government will not be capable of paying for the long-term care so many of us will need.
Formal long-term care planning, well in advance, with traditional long-term care insurance or the excellent asset-based LTC products now available, is the only sane way for the majority of us to ensure and conserve emotional, physical and fiscal health.