The latest versions of the annual Social Security and Medicare Trustees Reports were recently released and funding reserves for the overall Social Security program is now expected to run out of money in 2033 — three years earlier than trustees expected last year.
The retirement part of the program will run out in 2035; the disability program will dry up in 2016, two years earlier than last year’s prediction.åÊ
The Medicare trust fund will run out of money in 2024 under current projections.åÊ
As baby boomers approach retirement age, there are fewer workers in the younger generations to pay taxes to support their monthly benefits. That means benefits may be cut benefits by about a quarter across the board when the trust fund assets run out according to experts.
I have tried to make the case here over the years that you must start preparing for aging – emotionally, physically and financially – sooner in life and you cannot expect that current programs will help you. In fact you are better to act as if they will not be there when you start to look at your savings patterns.
The best person to help you is YOU!