Experts have warned that taxes to fund essential retirement, disability and healthcare provisions like Social Security and Medicare are likely to grow in the coming decades due to ongoing changes in America's workforce demographics. And the youngest generations, millennials and gen z, are likely to take on most of the burden.Several key factors are to blame. According to the U.S. Chamber of Commerce, the U.S.
'The Congressional Budget Office reported earlier this year that the proportion of Americans ages 25 to 64 compared to age 65 or older will decrease from 2.9:1 to 2.2:1 by 2054. This means fewer dollars funding Social Security and Medicare entitlements. Pairing this with longer future life expectancies, funding challenges may become more acute.
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