• Villa Vie Residences' Odyssey ship was meant to be a 'never-ending' luxury cruise.
• But its voyage ended just over 2 years after it first set sail.
• From its luxurious suites to gym facilities, take a look inside the doomed cruise ship.

In the famous ancient Greek poem "The Odyssey," Odysseus' journey home took him 10 years. The voyage of the Villa Vie Odyssey cruise ship was much shorter.

The promise of Villa Vie Residences' Odyssey cruise ship was that passengers could purchase or rent one of the rooms, with the idea of spending the rest of their days aboard a luxurious cruise ship.

The company had retrofitted the 33-year-old ship and sold permanent cabins priced from $119,999 to $439,999.

However, the company suspended the cruise ship's operations on October 27, 2026, just over two years after it first set sail. Villa Vie Residences cited rising fuel costs as the reason.

"I think we would have been absolutely fine — and we would have seen this through — if there was no Iran war," Mikael Petterson, founder and executive chairman of Villa Vie, told Business Insider this week.

With photos from Villa Vie Residences' media kit for the Odyssey, and information from its official website, take a look inside the doomed Villa Vie Odyssey.

The Odyssey is 195 meters long and could house 650 residents.

Residents could either opt for full ownership of a room or rent one for a shorter-term stay.

It offered a culinary experience using local ingredients from every place it traveled.

The Thistle Restaurant offered a daily menu that rotated on a 14-day cycle, with an emphasis on healthy, locally sourced cuisine.

The buffet-style Palms Café also had a 14-day rotating menu.

Lunchtimes also included an American grill for those missing a taste of home.

The Coral Club was the spot for late-night entertainment.

It offered activities such as live music, dancing, and karaoke.

Another socializing space is The Morning Light Pub.

It offered a café menu in the mornings and turned into a bar in the evenings.

The Observatory also offered a similar day-to-night vibe.

On Deck 8, The Observatory was a café that turned into a sunset-watching spot in the evening.

Villa Vie describes the Neptune Lounge as the place for "top-tier entertainment."

It offered local entertainment from each destination, such as live music and shows.

The Business Center offered a place to work for residents.

Connected to Starlink, the Business Center was open to all residents at no extra charge, with private offices available as well.

The Fitness Center features cardio and strength-training equipment, along with ocean views.

It also offered classes, such as yoga and wellness sessions.

On Deck 3, there is a spa equipped with a sauna and steam room.

There was an on-site hairdresser in the spa.

As well as a nail salon.

There is also a medical center on-site Deck 3.

On Deck 8, there is a pool deck.

It's also equipped with jacuzzis.

The deck also has a pickleball court.

One of the room types available for rent was the porthole villa.

During meal times, all residents were given access to complimentary wine and beer.

The balcony suites have a separate living area.

The superior suite had a private balcony, a separate living area, and an additional living space.

• US News & World Report released its list of the best places to retire in 2027.
• Affordability is one of the most important factors for retirees in choosing where to live.
• Texas has six cities in the top 15, but the top city is in the Midwest.

There are a lot of financial concerns surrounding retirement, and choosing where to live might be one of the biggest challenges.

Unless you've managed to stockpile a large sum of money for retirement, the everyday costs of living could factor into your decision to retire altogether.

US News & World Report analyzed over 850 cities based on quality of life, affordability, healthcare, retiree taxes, job market, and population and migration for retirees 55 and older to rank what cities work best for retirees.

Affordability was a key factor in this year's list, as the pathway to a comfortable retirement isn't smooth for everyone.

"It's no secret that affordability is top of mind for Americans this year, which is why US News updated its weighting criteria to better align with what retirees prioritize," US News & World Report assistant managing editor Megan Wood said. "The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs."

The six factors used when ranking each city came from a survey of Americans 45 and older to determine what mattered most to them when considering where to retire.

The cliché of retiring to Florida still holds true, as two Florida cities ranked in the top 15. But Texas has become an even hotter spot for retirees. While last year's list included three Texas cities, this year's list has six, with two in the top five.

Texas' overall affordability makes it a popular choice not only for retirees but for other generations as well.

"Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years," Wood said.

While cities in Florida and Texas account for more than half of the top 15, neither city holds the top spot. Below, the best cities to retire in for 2027.

15. San Angelo, TX

Housing costs 2025: $191,261

Value index: 9

Population 65+: 17%

14. Conroe, TX

Housing costs 2025: $323,622

Value index: 7.9

Population 65+: 15%

13. Pearland, TX

Housing costs 2025: $343,369

Value index: 8

Population 65+: 13%

12. Victoria, TX

Housing costs 2025: $200,767

Value index: 9.3

Population 65+: 17%

11. Bismarck, ND

Housing costs 2025: $290,274

Value index: 6

Population 65+: 21%

10. Palm Coast, FL

Housing costs 2025: $380,019

Value index: 7.5

Population 65+: 30%

9. Lynchburg, VA

Housing costs 2025: $222,789

Value index: 7.5

Population 65+: 15%

8. Paducah, KY

Housing costs 2025: $161,025

Value index: 9.2

Population 65+: 19%

7. Altoona, PA

Housing costs 2025: $115,035

Value index: 8.1

Population 65+: 19%

6. Rio Rancho, NM

Housing costs 2025: $311,135

Value index: 6.2

Population 65+: 19%

5. Spring, TX

Housing costs 2025: $249,404

Value index: 8.6

Population 65+: 12%

4. The Woodlands, TX

Housing costs 2025: $472,814

Value index: 6.6

Population 65+: 15%

3. Weirton, WV

Housing costs 2025: $124,681

Value index: 7.6

Population 65+: 26%

2. Homosassa Springs, FL

Housing costs 2025: $219,352

Value index: 8.8

Population 65+: 30%

1. Midland, MI

Housing costs 2025: $206,176

Value index: 8.7

Population 65+: 21%

• Elon Musk says it's "pointless" to save for the long term, as he expects "super intelligent abundance."
• The Tesla and SpaceX CEO was replying to an X user who said they'd stopped stressing about spending.
• Musk previously said that if he's right about the future, "saving for retirement will be irrelevant."

Elon Musk says it's not worth saving for the long term, as nest eggs won't matter.

"Saving money for the distant future is pointless with the advent of super intelligent abundance," Musk said in an X post on Thursday, doubling down on one of his most polarizing predictions.

The Tesla and SpaceX CEO was replying to a user who said they weren't stressing over their "questionable financial decisions" because a future of abundance meant "most of it won't matter in a few years anyway."

The world's richest person — who has a nearly $1 trillion net worth — has previously advised against saving for decades to come.

"Don't worry about squirreling money away for retirement in 10 or 20 years," Musk said during a podcast episode released in January. "It won't matter."

"If any of the things that we've said are true, saving for retirement will be irrelevant," he added.

Musk said at the time that he expects progress in AI, energy, and robotics to supercharge productivity, resulting in plentiful resources so that "anyone can have whatever stuff they want."

In that world, he continued, everyone would have access to "better medical care than anyone has today," there would be "no scarcity of goods and services," and "you can learn anything you want about anything for free."

Business Insider spoke to seven personal finance and AI experts about those comments, and they all agreed people should keep saving for retirement given the risk that Musk may be wrong.

Musk laid out an even more utopian vision on a recent podcast, predicting that advances in robotics and space travel would lead to a multiplanetary economy, at which point "money becomes irrelevant" and "conventional currency will not matter."

Several other tech leaders have predicted AI and other technologies will transform the way we live.

Microsoft cofounder Bill Gates said on a recent podcast episode that AI will lead to "true abundance" with robots able to "build houses, grow food, do surgery."

But he also warned the next two decades will be "as tumultuous a period as there's been in human history," as technological advances will mean "none of the things that human labor provides to the economy will be necessary for most goods and services."

Similarly, Musk has predicted a "bumpy" transition to a brighter future. He's suggested government checks for all as the best solution to AI-fueled job destruction.

"We will always protect Social Security, Medicare!" says President Donald Trump.

That would be nice.

But when I look at these programs' balance sheets, I don't see how he's protected anything. Both Social Security and Medicare are on track to run out of money.

Politicians mostly ignore the problem. Worse, progressives like Sen. Bernie Sanders (I–Vt.) and Rep. Alexandria Ocasio-Cortez (D–N.Y.) say they want to expand Social Security benefits.

That's just irresponsible.

My new video points out what we've known for years: These programs are unsustainable.

The problem is that people like me live longer. We like getting monthly Social Security checks and medical care that appears free.

Since we vote more consistently than others, politicians don't want to make us mad by cutting our handouts.

My fellow geezers say, "Social Security is not a handout! I contributed to the 'trust fund' every year. I'm just getting back what I paid in!"

But that's not true. Today, most of us get back much more than we paid in.

In 1935, politicians created the handout, saying, even if you don't save for retirement, government will save for you.

But that was another political lie. They didn't create individual retirement accounts. They didn't save our Social Security payments. They spend every penny as it comes in.

It's why Social Security is like a Ponzi scheme.

Bernard Madoff went to jail because he used new investors' money to pay old investors. That's exactly what our government does.

Few Americans realize it.

"What happens to the money?" I ask people on the street.

"It's held in trust," said one woman.

It isn't.

When politicians started Social Security, there were enough young workers to tax to cover the cost of sending checks to old people.

But now, since we live longer, there aren't enough young workers to fund our payments.

Social Security's costs exceed its income by billions of dollars.

"There is a plan out there to save it, but it requires some tough choices," says the Cato Institute's Romina Boccia. "Commonsense tweaks we can make."

Those include raising the retirement age, capping checks to the affluent, and letting young people opt out of Social Security. Reforms like that require tradeoffs. But ignoring the problem doesn't make it disappear.

We need to act, says Boccia, because Social Security is like the Titanic—gradually heading for disaster.

"Make reforms now," she says, "we can avoid the iceberg. [But] if we wait until the iceberg is in front of our noses and try to turn the ship, we're going to run right into it."

Medicare will hit its iceberg in 2033; then benefits will automatically be reduced. Social Security will hit it the year before.

At that point, incoming taxes will cover only about 78 percent of promised retirement benefits.

Yet irresponsible Democrats say: Spend even more.

"Human wants and needs are unlimited," replies Boccia. "There's always another program that needs more funding."

Sanders says, pay for it by taxing the rich more.

"There isn't enough money even that the rich would have, to pay for the…unfunded liabilities," Boccia points out.

If only politicians had listened years ago, when Cato and the Heritage Foundation proposed letting workers put some of their Social Security money into personal retirement accounts. Instead of relying on future taxpayers, workers could accumulate real assets that grow over time.

Personal accounts give workers something Social Security doesn't: assets we own.

"Even a conservative portfolio of stocks and bonds that got you a 5 percent annual return would have made you many times more [than Social Security]," says Boccia.

Private accounts helped Chile rise from one of the poorest countries in Latin America to one of the richest. Yet leftists still object to capitalists getting a cut of the pie.

"We lack gratitude for what the free market provides," says Boccia.

We should adjust these programs now.

The longer politicians wait, the worse the choices become.

But today's politicians will probably be gone by then.

Our children get the bill.

COPYRIGHT 2026 BY JFS PRODUCTIONS INC.

The post Social Security Is Like a Ponzi Scheme. How Do We Fix It? appeared first on Reason Magazine.

• Nate Soares said he stopped adding to his 401(k) because AI may kill us within a decade.
• The MIRI president said humanity has a more than 50% chance of dying within a decade.
• Elon Musk said AI could make retirement savings irrelevant by creating an age of abundance.

Saving for retirement is a bet on the future. Nate Soares, the president of the Machine Intelligence Research Institute, isn't so sure AI will let us get that far.

"I do not save for retirement right now. I have a 401(k) from when I worked at Google, but I haven't contributed for a decade," Soares told The Atlantic CEO Nicholas Thompson in a recent interview for Thompson's "The Most Interesting Thing in AI" series.

Soares' decision reflects a grim view of the AI race.

"Godfather of AI" Geoffrey Hinton and Anthropic researcher Evan Hubinger have, respectively, put the odds of AI killing everyone within a decade at 10% and more than 10%. Soares is more pessimistic: He told Thompson he believes there is a greater-than-50% chance AI causes human extinction in less than a decade.

Soares, who is also the coauthor of "If Anyone Builds It, Everyone Dies," has spent more than 12 years working on AI alignment, the field focused on ensuring powerful systems act as intended. Before joining MIRI, the Berkeley-based nonprofit focused on AI risks, he worked as an engineer at Google and Microsoft.

Soares said that a sufficiently capable AI could develop goals at odds with humanity's, evade oversight, improve itself, and build the automated infrastructure needed to operate without people.

From there, he said, it could reshape the planet around its own objectives, potentially making it uninhabitable for humans — a warning he shared with Business Insider last year.

A 401(k) for the apocalypse?

The question of how AI will shape the future has also prompted Elon Musk to question whether retirement savings will matter. Musk's vision of the future, however, is radically different than Soares'.

In January, the Tesla and SpaceX CEO said people should not worry about "squirreling money away for retirement" in 10 or 20 years, predicting advances in AI, robotics, and energy will make retirement savings "irrelevant." (Personal finance experts and AI gurus told Business Insider the opposite: You really should be saving for retirement.)

Musk has said that supercharged productivity could create an age of abundance, in which everyone has access to a "universal high income," cheap goods and services, and better healthcare and education.

Musk has also said money could become irrelevant in a future where AI and robots outperform humans at virtually every task.

For Soares, the prospect of a vastly capable AI is an existential danger, not a route to plenty.

Echoing calls from tech leaders to "pace the frontier" of AI development, Soares said governments should halt the training of general-purpose AI systems. They should focus on developing technology for applications like cancer research and safer self-driving cars, he said.

The solution, he told Thompson on Wednesday, "is to not build the thing that would kill everybody."

"I do everything I can to stop this eventuality," he said. "I don't think it's inevitable."

Retirement didn't exactly mean slowing down for Bonnie and Hunter Moore.

The Moores, both 71, have lived near the Vanderbilt campus in Nashville for over 40 years. They bought their home in 1983, raising their two children and building their careers. Bonnie was a proofreader, while Hunter worked in the music industry.

When they retired in 2019, they were excited to have more time for their passions. For Hunter, that includes reading, playing the piano, working on model trains, and independent study (he's currently working on a dissertation for fun). Bonnie loves entertaining her friends — especially in her "Not Your Mother's Bible Study" group — hosting her grandsons, and traveling.

By 2023, though, it was clear their home base wasn't set up to help them thrive in retirement, as their bedroom, office, and music studio were all on the second floor. After caring for their own aging parents, they knew second-floor living wasn't ideal for aging in place, particularly when Hunter developed vertigo that made climbing stairs unsafe.

Bonnie and Hunter didn't want their adult children worrying about them as they got older, as they had worried about their parents. Instead, the Moores hoped to set themselves up to live independently for as long as possible — and have fun while doing it.

Luckily, the house next door was the perfect solution to their problem.

The Moores bought the house next door as a rental property in 2007.

The Moores bought the rental house, which provided supplemental income, in 2007 for $360,000. At 1,400 square feet, it had three bedrooms and two bathrooms.

The front couldn't be changed too drastically because the Moores live in a historic area, but their lot had space in the back where they could expand the home.

As they realized they wanted to upsize for retirement from their 2,700-square-foot home, Bonnie and Hunter decided to do a massive overhaul of the rental house, taking it down to the studs.

The renovation, which added a two-story addition to the back, gave them a 4,400-square-foot space with four bedrooms, four bathrooms, and two half baths, plus ample living space and a bonus room that could be converted into a bedroom if needed.

They also incorporated features that would make aging in place easier.

The house took over a year to transform.

The Moores hired Michael Brown Construction, Beth Haley Designs, and Allard Ward Architects to bring the project to life. Brown specialized in historic renovations, and Haley had an expertise in aging-in-place accommodations, both of which were needed.

Renovations kicked off in early 2024 and took about 18 months to complete. Because they gutted the original structure, the Moores had to pay for all new plumbing and electrical wiring throughout the home in addition to the cosmetic changes. The height of the original exterior stayed the same, and the windows that were originally there didn't move. Nearly everything else changed, though.

The Moores were able to stay in their first home while they transformed their new house, which, Bonnie said, made everything easier.

"We didn't have to move," she said. "We could look out the window and notice somebody was walking around, and go over to see if they needed to talk to us. It was wonderful."

First-floor living was a priority in the design.

It was important to the Moores that the addition had a second story so they'd have plenty of bedrooms for their kids, grandkids, and loved ones to stay in when they visited.

However, they wanted the first floor to be where they spent most of their time. It needed to accommodate larger parties, such as their Christmas gatherings or Bonnie's Bible study group, and their bedroom had to be on the main level as well.

An open-concept design on the first floor was perfect for the Moores.

The kitchen and living areas are combined in the Moores' home, with large windows and sliding glass doors framing the space and letting in light.

A table helps to visually separate the kitchen from the living area.

The large kitchen was a huge upgrade.

"My kitchen is probably about the size of part of my downstairs next door," Bonnie said of the space, which features a large island surrounded by ample built-in cabinetry.

It also has a walk-in pantry, one of Bonnie's favorite features, and was set up to suit the couple as they get older, with wide walkways and doorways. A few of the drawers also have large gaps behind them, so you can reach behind them without jamming your fingers.

There are two living spaces on the main floor.

The first floor has a larger living room with a TV, and another with two comfortable chairs in front of the fireplace, which the Moores think of as their den. A grand piano splits the two spaces.

Bonnie also said they had the fireplace raised intentionally.

"As you're sitting in your chair, you're looking straight into the fireplace instead of looking down," she said. "When you're old, you don't want to have to bend over as much, so you raise things in that way without it looking weird."

The Moores also felt free to get creative with how they used their rooms.

The house came with a formal dining room, but the Moores didn't feel they needed that space, since they had a dining area at their kitchen counter and kitchen table.

Instead, they turned it into a workout room and office for Bonnie.

It has a treadmill, a weight machine, and a desk. However, it could easily still work as a dining space or even a bedroom down the line if needed.

"We kept it with the feel of a dining room in case somebody wanted that for resale," Bonnie said.

The Moores didn't want to waste any space in their home.

To maximize the space, they put shelving wherever possible. For instance, Bonnie turned the space below their stairs into a "hobbit hole" for her grandsons, filling it with a bean bag and books as an escape for them.

"I used every place that you could store something," she said.

Their home library can also serve multiple purposes.

Bonnie described Hunter as a "voracious reader," so a library was a must-have for their home.

Still, the room has a closet and an en suite bathroom, and it could fit a smaller bed or a Murphy bed, so it could become another first-floor bedroom if the Moores ever need live-in help.

The primary suite sits on the first floor.

Bonnie and Hunter's bedroom has plenty of room for the couple to walk around the bed on either side, which was intentional. They didn't want the space to become cumbersome if they use wheelchairs or walkers someday.

It also has a loveseat, which Bonnie said they added so they can sit and put on their shoes without bending down.

There's plenty of storage in the bedroom.

The suite has a walk-in closet, one of Bonnie's favorite features in her new home.

Its blue cabinetry matches that in the bathroom for a cohesive look.

The bathroom is both luxurious and long-term-minded.

The bathroom is designed to accommodate a walker or wheelchair with ease.

It has luxury touches, like a double vanity and a massive walk-in shower with grab bars and a bench running the length of the shower for aging-in-place accommodations.

They also made the showerhead adjustable, which was a must-have because Bonnie is 5-foot-4 and Hunter is 6-foot-2. Bonnie wanted to make sure the height could adjust easily with one hand in case they developed any mobility issues, and that function has already come in handy.

Bonnie had a mastectomy in August and wasn't able to lift her arms above her head in the initial weeks of her recovery. Being able to adjust the showerhead height on her own during that time allowed her to maintain her independence as she healed.

They also have a laundry room in their en suite.

The location of the laundry room means the Moores can live entirely on their first floor if they want, ensuring they don't have to use stairs if it becomes challenging for them.

The Moores will never have trouble reaching the second floor of their home, though.

The Moores didn't want their second floor to become inaccessible if stairs became harder for them to manage as they age, so they decided to add an elevator to the home in the renovation.

It was a pricey aspect of the renovation, coming in at around $31,000, which doesn't include the cost of building out the space for it or installation.

Bonnie said the elevator was worth it, though, as it feels "responsible" for her and Hunter at this stage. It's a big comfort to their kids, too.

"They're so relieved that we aren't going up and down the stairs," Bonnie said.

The elevator sits next to a room where Bonnie stores things like Christmas decor and luggage, and she said being able to pop items directly into the elevator has been great for them.

There are two bedrooms upstairs.

One of the bedrooms has twin beds for the Moores' grandsons to enjoy, and it connects to Hunter's office (which could also be turned into a bedroom if needed) via a Jack-and-Jill bathroom.

The other bedroom on the second floor has an en suite bathroom, providing privacy for whoever stays there.

There's an additional living area upstairs as well.

An open area at the top of the stairs has a wet bar, a mini fridge, and a cozy seating area.

The Moores love having an additional flex space for their family or friends to enjoy when they come to visit.

The garage serves multiple purposes.

The Moores didn't have a large garage at their old home, so they were excited about the detached, two-car garage on their new property.

They finished a space at the back with a half bathroom and a room for Hunter to work on his model trains. The space has vaulted ceilings for a more luxurious look, which Bonnie said they added with the home's resale value in mind.

There's an unfinished attic in the garage as well, which gives the Moores the option to expand their living space further if they want.

"If one of our kids wanted to live over there and finish it, they could," Bonnie said.

The Moores' home is everything they hoped it would be.

The Moores moved into their home in August 2025, and they've been loving it ever since.

"This is our dream house," Bonnie said. "We are so grateful that we could do this because we put everything we possibly wanted."

"When we sit at our dining room table and eat breakfast, I tell my husband every morning, 'I'm so happy,'" she added.

Hunter echoed Bonnie, saying the renovation "seemed like a huge project," but their design team made it manageable, as did being able to bounce ideas off Bonnie.

"I'm so glad we did it," he added.

It's working well for their community, too. Bonnie said the house has made their guests feel at ease when they've hosted parties and had people stay overnight.

"It's better than I thought it would even turn out, and the way it makes us feel is just very peaceful," Bonnie said. "My kids all love it, and we have room for everybody. I host all the holidays and the birthday parties."

The renovation was worth the investment.

In total, the Moores said they spent about $1.7 million turning their rental property into their dream home. That cost includes furniture upgrades and some exterior stonework to ensure the house looks up to date from the outside.

They were able to offset it with the $850,000 sale of their first home, and Bonnie said she views the work they did as an investment in the future, for both themselves and their kids.

"This allows us to stay in our house as long as we possibly can, and if we can't, then we have designed a house that will probably sell for $1.9 million," she said. "Our kids can sell it, pay for wherever we need to be, or it can be a great inheritance for them."

She and Hunter feel only gratitude that they could create a house that will benefit them and their whole family for years to come.

"The sooner you do it, the more you can enjoy it before you really need it," she said. "And it's a relief for your children. It's the best gift we could give them."

Social Security is racing towards insolvency because the program pays out more in benefits to retirees than it collects in taxes from working Americans.

Handing out even more generous benefits will make that situation worse. Yet that is exactly what the trustees who run Social Security are planning to do: Retirees will get a 3.6 percent cost-of-living adjustment (COLA) next year. That increase is 0.8 percentage points higher than last year's, and it is 0.9 percentage points higher than what Social Security was expecting to pay.

The Social Security trustees are doing what the law requires during a time of high inflation. That's why Congress ought to intervene here.

It should cancel the COLA.

No, this isn't a demand that lawmakers stick it to America's retirees. It's an appeal for some fiscal common sense. There are three good reasons to cancel this year's COLA.

First: Handing out higher benefits to wealthy retirees simply doesn't make sense when Social Security is trending towards insolvency.

As the Committee for a Responsible Federal Budget notes, the announced COLA would be a $900 increase in benefits for the average retired household—but some retirees could receive as much as $3,600 more.

Paying generous benefits to wealthy households is the main reason Social Security is facing insolvency in the first place. A program originally intended to keep seniors from falling into poverty has become a huge wealth-transfer scheme that overwhelmingly benefits those who don't need the handouts. The COLA doubles down on this flaw.

Second: What about the workers who are paying for those lavish benefits? Wages have risen by 3 percent, on average, over the past year. Those pay increases have already been outpaced by inflation, which is up 3.7 percent in the past 12 months.

You'll often hear retirees talk about how they are living on a "fixed income," but the math simply doesn't bear this out. Social Security beneficiaries will get a COLA that is larger than the average pay increase for the workers who are funding the COLA. Retirees are protected from the impact of inflation while younger Americans must deal with inflation and finance that protection for the elderly. That's crazy.

Third: Cutting the COLA could kick-start a conversation about how to solve Social Security's looming insolvency. The Social Security trustees estimate that an across-the-board cut of about 22 percent will be necessary in 2032. Eliminating COLAs won't meaningfully change that arithmetic, but it would change the conversation—which has for too long been dominated by politicians promising seniors that nothing needs to change. That's wrong—and the sooner that becomes apparent, the better off the political system will be.

If eliminating the COLA is too radical a change, Congress should instead change how the trustees calculate the annual increase.

Currently, the COLA is based on one particular measure of inflation: the Consumer Price Index for Urban Wage Earners and Clerical Workers, otherwise known as CPI-W. This is a relatively narrow index that reflects the spending habits of only about one-third of all Americans, as Romina Boccia points out in her newletter, The Debt Dispatch. 

Instead, Boccia suggests using the Chained Consumer Price Index for All Urban Consumers, or C-CPI-U, which covers about 93 percent of all Americans and is generally regarded as a better measure of the rising cost of living. Other parts of the federal government already use C-CPI-U to update such things as tax brackets.

If Congress simply changed how Social Security's COLA was calculated, it could close 12 percent of the program's long-term shortfall. And while some retirees would see smaller COLAs as a result, the result would more closely match those increases to inflation.

Social Security's COLA reflects many of the fundamental flaws with America's old-age entitlement program. Like Social Security as a whole, it is too generous to the rich, too costly to the taxpayers, and too unfair to younger, poorer workers.

The post 3 Reasons To Cancel This Year's 3.6% Social Security Boost appeared first on Reason Magazine.

America’s elders need more places to live, but even in liberal enclaves that recognize the problem, developers are facing fierce foes: America’s elders. Make it make sense! Charley Locke reports from her hometown of Oakland, California, where boomers are organizing against two proposals that would add 618 market-rate residential units to the city’s senior housing stock:

Many in the crowd had been marching against governmental and corporate overreach for half a century: against the Vietnam draft and the invasion of Iraq; against Wall Street; against police brutality. They’re part of a generational force that’s antiestablishment and suspicious of power. But in this fight, it wasn’t so clear who the establishment was or who had the power. Were these righteous middle-class activists fending off greedy developers who would charge high rents, or were they wealthy seniors prioritizing neighborhood character over ameliorating the housing crisis? Were they once again David, or had they become Goliath?