Medicare and Social Security is going to run out sooner because of unemployment
@moonlitmagikchild (22181)
United States
May 13, 2009 9:53pm CST
http://shrinkify.com/q84
[i]WASHINGTON (Reuters) - The U.S. Social Security and Medicare retirement and health programs for the elderly will run short of funds sooner than previously thought because the recession has taken a toll on tax revenues, a government report released on Tuesday showed.
The Social Security trust fund will be exhausted by 2037, four years earlier than previously estimated, and the Medicare hospital trust fund will become insolvent by 2017, two years earlier than estimated, said a report by the trustees of the two popular programs.
Labor Secretary Hilda Solis said that "the dual effect of the economy and unemployment has produced a downward pressure on the financial security" of the Social Security program.[/i]
needless to say im very concerned.. i just got approved for disability for various medical issues and im young so does that mean i can expect to lose all of it in a few years? not to mention even if i was healthy and working i would like to retire then so will that not be available?
do you think obama will fix all of this? are you concerned?
3 responses
@mentalward (14690)
• United States
14 May 09
I think they're talking about Social Security retirement, not disability or SSI. At least, I HOPE so!
Hopefully, I'm just about to get approved for disability, but only have 8 more years before I reach 65 (
OUCH that hurts!) and qualify for retirement.
I'm concerned, but not exceedingly so. Social Security Retirement is certainly nowhere NEAR enough to live off of anyway, so it won't be a huge issue, like being able to afford to live or not based solely on Social Security Retirement.
People are going to have to "double-up" or even "quadruple-up" to be able to afford to survive if they had planned on living only on what Social Security pays once you hit the age of 65, anyway.
The best thing to do is to start squirreling away money now, a little at a time, so you'll have something other than retirement to live off of, assuming it's still around once you get there.
We can only HOPE that our government is able to turn itself around before it goes belly up! Whether Obama is able to do this, I have no idea, but I doubt anyone could do it in only 4 years. It's gonna take longer than that to fix this economy and our security!
OUCH that hurts!) and qualify for retirement.
I'm concerned, but not exceedingly so. Social Security Retirement is certainly nowhere NEAR enough to live off of anyway, so it won't be a huge issue, like being able to afford to live or not based solely on Social Security Retirement.
People are going to have to "double-up" or even "quadruple-up" to be able to afford to survive if they had planned on living only on what Social Security pays once you hit the age of 65, anyway.
The best thing to do is to start squirreling away money now, a little at a time, so you'll have something other than retirement to live off of, assuming it's still around once you get there.
We can only HOPE that our government is able to turn itself around before it goes belly up! Whether Obama is able to do this, I have no idea, but I doubt anyone could do it in only 4 years. It's gonna take longer than that to fix this economy and our security!@mentalward (14690)
• United States
14 May 09
I just thought of something else. This problem about Social Security running out of money started about the time the "baby boomers" started hitting retirement age. Everyone knows (I think) that that baby boomers are the single largest group of people around right now and they're all at or just below retirement age. Once the number starts to dwindle because the baby boomers are dying off, Social Security running out of money shouldn't be such a big issue.
1 person likes this
@moonlitmagikchild (22181)
• United States
14 May 09
true.. but i know with tn you get medicare when you get disability not something else insurance wise so that part would affect people on disability
@sedel1027 (17846)
• Cupertino, California
14 May 09
Social Security has been under scrutiny for years. The plan was almost designed to fail based on how it is set up. People can not live on Social Security alone. If you had to, you would die. I don't know exactly how all the benfits are shelled out, but both my parents get social security and it isn't much. Thankfully my Dad has a retirement account set up. Not only should we be concerned about it running out, but we should be concerned about how little the people getting social security are recieving every month.
1 person likes this
@moonlitmagikchild (22181)
• United States
14 May 09
yeah no kidding! my parents are living with my brothers because i think between them they bring in like 300 a month or something!!
@rmorefield (941)
• United States
14 May 09
I have been concerned since I got my first job...15 years ago. I will never be able to retire. Social Security will run out no matter what we do. There are too many people getting it (or will be getting it soon) and not enough people paying it. I don't know if Obama will fix this or not. I don't really think that he can. This (along with the rest of the economy) is a problem that will take more than a couple of years to fix. I don't know if anyone can fix it.
1 person likes this
@moonlitmagikchild (22181)
• United States
14 May 09
yeah i dont know if he can fix it either but if anyone can it should be the president able to lol.. yeah i have always been worried about it and wasnt happy they already pressed back retirement age for my age group to later.. even before i ended up on disability i was worried about constantly working and working overtime and not having enough.. now that the whole working and everything isnt an option im freaked 
