Threats to Social Security & Medicare

Threats to Social Security & Medicare

People who rely on Social Security and Medicare are feeling the pressure of possibly losing their only source of income. The retired baby boomers are feeling the heat of possible loss of income and if this happens it would be devastating to every retiree.

Retirement years ago meant enjoyment for most people entering their golden years. Their incomes from pension plans, 401K’s, retirement funds, savings accounts, CD’s, and stocks and bonds and continued health insurance through their companies offered retirees the security they should have. They were at one time set for retirement with no financial worries and the enjoyment of life after years of working and saving paying off for them. CD’s were paying out 15% in the 1950′s and 1960′s. If the CD was worth enough money then people could easily live off the monthly interest checks. Retirement at that time sure was sweet. Homes were usually paid for by the time one retired. People paid cash for their automobiles. Life was sweet.

Today many retirees still owe on their homes. Automobiles are driven past the age of 10 years and who has money to pay cash for another car. Not too many people fall into this category. CD’s are lucky to pay 1.0%. Today companies have all but dissolved pension plans and most no longer offer health coverage to retirees. Most retirees today live strictly on their social security income.

With the high cost of fuel to heat homes, high cost of gas to run automobiles, the high cost of Medicare plus extra for prescription coverage, seniors are having a difficult time making ends meet, much less able to enjoy some of their retirement years. Most retirees are finding that their retirement years are not so golden.

Every year the retirement age is pushed up. Yes, one can retire at the age of 62 but they will have no insurance and will take a few hundred dollars loss on their monthly social security income. Full retirement age used to be 65 and today it is 66 years and 8 months. The government is talking about raising the retirement age again to age 70. These days and in the days to come there is no such thing as the golden years. There is no longer enjoyment in retirement because there is no money to enjoy anything with.

Important decisions have been made in the past from trusted people in higher offices who have not considered what and how these poor decisions are going to affect people in the long run. The general public now has to live the best that they can under these poorly made decisions that will affect them for the rest of their lives.

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