Medicare will only be able to pay 87% of expected costs by 2024 and 67% by 2050
Social Security, the trustees estimated that the program will only be able to pay roughly 75% of promised benefits starting in 2033. SS has already begun paying out more in benefits than it takes in from workers’ payroll taxes.
I’m still very far from retirement, but all this says to me is 1) big tax increases 2) reduced benefits or 3) both
I think Medicare may become a capped benefit at some point, something like 5% of the Medicare population actually eats up 30-40% of the entire pot of spending. If you capped those people at $X max per year, that number will be reduced greatly. [edit: private insurance works like this already] makes sense to me
SS I never had much hope for, but with a huge generation of Americans getting old and will be wanting their money, I doubt any politician will have the balls to kill it off.
All I see is further kicking the can until some huge kaboom happens, then we’re screwed.