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๐Ÿ‘ด๐Ÿ‘ต Medicare and Social Security Are Critical to a SECURE RETIREMENT (AARP Article)

Honored Social Butterfly

๐Ÿ‘ด๐Ÿ‘ต Medicare and Social Security Are Critical to a SECURE RETIREMENT (AARP Article)

Medicare and Social Security Are Critical to a Secure Retirement, Say Americans 50+.
By Rebecca Perron, AARP Research & Teresa A. Keenan, AARP Research. Published May 06, 2024.
The importance of Social Security and Medicare to Americans age 50-plus cannot be overstated, according to the first annual AARP survey that explores feelings about these programs.Key Findings
Nearly all Americans age 50-plus say Social Security and Medicare are important for financial security in retirement, including 90% who say Social Security is very important and 84% who say Medicare is very important.
Though they see these programs as important, Americans age 50-plus express skepticism over the future of Social Security and Medicare.
Nearly 9 in 10 are worried that Social Security (87%) and Medicare (88%) will not be able to provide at least the same level of benefits in
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Honored Social Butterfly


Good topic

I donโ€™t think it is that age group that we are worried about - that group is already headed towards Retirement or is already there.


But we all know that it is the younger ones that are the ones paying for these benefits thru their payroll taxes and then matched by their employer - thatโ€™s where the majority of the money comes from that is keeping the Trust Funds  afloat; so that those monthly benefits can be paid.  Just like we were once the payers for the โ€œGREATEST Generation * and their retirement and healthcare coverage.


This is a research, statistical, policy paper by the Social Security Administration.  It was written in 2012.  2012 - Research, Statistical, Policy Paper - entitled:

This Is Not Your Parents' Retirement: Comparing Retirement Income Across Generations

~from the link~. I believe this is the age group referred to in your post - 50+


This article examines how retirement income at age 67 is likely to change for baby boomers and persons born in generation X (GenX) compared with current retirees. We use the Social Security Administration's Modeling Income in the Near Term (MINT) model to project retirement income and assets, poverty rates, and replacement rates for current and future retirees at age 67.


We find that, in absolute terms, retirement incomes of future cohorts will increase over time, and poverty rates will fall. However, projected income gains are larger for higher than for lower socioeconomic groups, leading to increased income inequality among future retirees.


Finally, because post-retirement incomes are not expected to rise as much as preretirement incomes, baby boomers and GenXers are less likely to have enough postretirement income to maintain their preretirement standard of living compared with current retirees.

~end article quote~


Sounds like this 2012 prophesy (analysis) has come true.


We are founded in being concerned - but I worry more about how it can be fixed -or will it?  


I donโ€™t see any enthusiasm in Congress to make the changes that will be necessary to fix it.  I donโ€™t see any support for people paying in more to pay for whatever generation(s) will be hit with the lacking.  


So, maybe those that will come after us, as the takers, will have to accept less since I donโ€™t think those younger (the givers) are ready to pay more - maybe lots more.  


Wouldnโ€™t them (millennials, and whatever the newest named generations). paying more just take away what they are probably gonna need to live on in the future?  So they can afford that โ€œAmerican Dreamโ€, have kids and well, you know, everything.


Thatโ€™s the dilemma - we donโ€™t want to hurt the economy yet people (beneficiaries) want more (benefits) and the more comes from taking away from the economy.  The. (takers) beneficiaries can ask for whatever they want but on the other end of the stick is the (givers) people paying into the system.


Those people are the ones that need to be surveyed to.get their opinion - do you think it would be the same as those 50+ ?   I donโ€™t.


What to do - what to do ???

It's Always Something . . . . Roseanna Roseannadanna
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