Tag: Medicare
Introduction It is crucial that today’s workers save for retirement for two reasons. First, Social Security replacement rates will decline due to increases in the Normal Retirement Age, rising premiums for Medicare, more personal income taxation, and potential adjustments to restore financial balance to the system. Second, accumulations in 401(k) plans may well be muc…
Introduction Numerous commissions, individual researchers, and the Trustees of the Social Security system agree that the current Social Security system is not sustainable. The 2003 Trustees’ report forecasts that the program’s two trust funds (Old Age and Survivors Insurance and Disability Insurance) will be empty in 2042. After 2042, Social Security taxes would only cover…