Look at this chart. A graph titled Percentage of Americans over Age 65 shows years on the horizontal axis and percentage of the population on the vertical axis. The graph shows 8% in 1950, 10% in 1970, 12% in 1990, 16% in 2020, 20% in 2040, and 22% in 2060. Based on this chart, why is the Social Security Administration facing a funding problem? Life expectancy is increasing slower than expected, so people are not living as long as thought. Younger people are no longer paying as many retirement taxes as in past generations. The number of elderly Americans is growing quickly, so more money is going out than coming in. An unequal amount of taxes is being allocated to Medicare and Medicaid services.