Social Question

john65pennington's avatar

Will Medicare/Social Security be there for you?

Asked by john65pennington (29263points) February 14th, 2010

If you are a young person, will Medicare and Social Security be there for you when you retire? i am now retired and i wonder if Medicare/Social Security with still be around for my son and daughter, when they retire. son is 42 and daughter is 40. if not, does this concern you and what, if anything, will take its place? can the Federal Government repeal its own law governing Medicare and Social Security and its promise to the people?

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21 Answers

Sophief's avatar

Yes it will be there, we get free medical care, I doubt that would change in the future.

john65pennington's avatar

Thanks Dibley and good morning and Happy Valentines Day to you.

Sophief's avatar

Good afternoon to you too.

marinelife's avatar

I am hopeful that both social security and medicare will be there. It is not a guarantee. That is why wise people save up.

wilma's avatar

I’m not counting on it being there for me. I don’t depend on the government, I depend on myself and my husband for our support.
Not that I won’t take it if it is there, I will. I have paid into it for over 30 years. I just don’t think it is wise to expect the government to take care of me.
government is much too unreliable

fireflys's avatar

The national center for policy analysis evaluates this issue. Read the full article at the link below. An updated version for 2010 is needed. But the 2009 stats are useful.
Social Security and Medicare Projections: 2009

Figure I: General Revenue Transfers to Social Security and Medicare

Impact on the Federal Budget. The combined deficits of both programs now require about 14 percent of general income tax revenues [see Figure I]. As baby boomers begin to retire, however, that number will soar, and it will be increasingly difficult for the government to continue spending on other activities. In the absence of a tax increase, if the federal government keeps its promises to seniors and balances its budget:

* By 2020, in addition to payroll taxes and premiums, Social Security and Medicare will require more than one in four federal income tax dollars.
* By 2030, about the midpoint of the baby boomer retirement years, the programs will require nearly half of all income tax dollars.
* By 2060, they will require nearly three out of four income tax dollars.

jaytkay's avatar

The National Center for Policy Analysis is working to eliminate Social Security and Medicare. It’s not a credible source for information on those programs.

janbb's avatar

I’m reading an Amy Tan novel in which one character refers to “so-so security.” I’m expecting that’s what I’ll get from the government..

Tenpinmaster's avatar

No, in fact I believe by time I reach retirement in 40 or so years that the federal reserve will be in shambles if they don’t find a way to fix the money situation. They have been draining off of social security for several years and its only a matter of time before the system is dried up. I hope the United States has a new golden age in which we can repair what ails us and to reach an economic state that is sustainable and bright. The way things are going now I think things are going to get a lot worse before they get better.

Captain_Fantasy's avatar

Unless there is major reform, the baby boomers will kill all available social security funds.

drhat77's avatar

It does not seem feasible. However medical advances may allow people to live longer, work longer, be less dependent on medicine and social security which may freeze growth of costs (?). pipe dream probably but less so i feel than social security magically staying afloat.

davidbetterman's avatar

If we quit fighting criminally insane wars, and put that money into Social Security, it might still be there next year. Maybe.

Arisztid's avatar

For me? I will not need it. I have no health insurance and a heart condition.

If I lived long enough, no, I do not think it would be here for me or it would be so watered down as to be unlivable in any fashion. I do not think the government is going to stop its spending and, from what I have heard, medicare is already being cut and social security has already been cut. Social security is unlivable unless you have savings.

I think it is slowly going to get worse, less and less money and services, then finally be canceled.

cbloom8's avatar

I’m 17, and I really don’t know, but, especially for Social Security, I’m anticipating that they won’t be there. Heath care is a tough call, but I’ve done research projects on Social Security and the way it’s failing now, I expect that it will be gone or at least be drasticly changed by the time I’m eligible. I also think this simply from a preparatory standpoint – there is doubt that they will be available, so I need to be prepared for the worst.

jaytkay's avatar

Social Security is projected to be able to pay benefits through 2049 without changes. One simple change would take care of that: Tax income above $106,800.

Currently somebody earning $1,000,000/yr pays the same Social Security tax as someone earning $106,800.

Medicare will have more serious problems. Health care reform can fix that, if we stop shoveling “health care” dollars into insurance companies and have a government-sponsored health care like every other developed country on Earth.

UScitizen's avatar

Of course not. It is marxist vapor.

CharlieGirl's avatar

Yes,I’m a young person and it already is,since I am disabled and can’t maintain work.

susanc's avatar

Medicare bought my poor husband a lot of painful, relatively useless chemo/radiation at absolutely no cost to us. We couldn’t have afforded it, though we weren’t poor. He’d just have died sooner.

CharlieGirl's avatar

Oh,goodness,I’m sorry to hear that susanc.

susanc's avatar

@CharlieGirl – thanks, that’s nice of you.
But the issue is alive. I/we were grateful that the cost of all this medical stuff didn’t fall on us. And at the same time, there came a point when none of it was helping much. And we thought some about allocation of resources.
Because there were other people out there without health insurance who couldn’t get acces to resources and would have gotten well if they’d had them. Of course, we still accepted them. But it was a little paradoxical. Back when we had no health insurance, some injuries to his back went untreated for too long and he lost part of the use of one leg. I think we need triage within the system.

CharlieGirl's avatar

Well,I hope that you can begin to heal.

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