Medicare insurance help in Oregon -Social Security and Medicare

Social Security and Medicare

During the election season, it is easy to get stuck in the applicants’ big campaign in total. From immigration to foreign policy, to the various scandals and public events that always accompany the prelude to the election day, there is enough feed for a thousand different political discussions and arguments.

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This election cycle candidates have been almost silent-especially in the debate about a threatening problem that will only get worse if not taken into account: retirement security.

From shrinking Social Security and Medicare growing costs to petty pension savings among many Americans, there’s certainly a lot to talk about.

The general view is that changes must be made both to the right program to preserve them. For social security, the most likely methods involve cutting benefits, raising taxes, or both. Actuarial adjustments have also been discussed, such as raising the retirement age or cutting cost-of-living adjustments. For Medicare, where rising costs are faster than economic growth, the solution is to hold back these costs or raise taxes (or both). Even wealth or needs testing has been discussed.

Hillary Clinton, on his website, says Social and Medicare: We need to preserve, protect and strengthen these lifelines. She has also excluded cutting benefits. Of course, the most likely way to protect these programs is by raising taxes.

Donald Trump has also said he would avoid cutting social benefits, but claimed he would not raise taxes.

We will save social security, Trump told supporters a rally in Iowa in late 2015. We will not raise the age and we will not do all the things everyone else is talking about doing. They are all talking about doing it and you don’t need to. We will take our jobs back. We will make our economy incredible again.

He bases that position on guarantees of economic growth, but economists believe that growth cannot possibly bridge the gap. He has also said he is deporting many illegal immigrants, many of whom pay social security but receive no benefits, support the system.

As for Medicare, both candidates have said they would try to withhold drug costs. Clinton has promised to build on some of his reforms and try to register more healthy people to better balance the system. Trump has said he would abolish the Affordable Care Act, which aims to hold back medical expenses, but has seen steadily rising premiums.

Why Retirement Is An Important Issue: The Numbers

It has been a few years since the first Baby Boomers became eligible for social security. For 14 years, the older population of this country will be twice what it is today. The pensioners will depend on state benefits, such as Social Security and Medicare. If no changes are made, the burden of this huge generation will require a significant reduction in social benefits by 2034. At the latest bill, retirees will receive about 80% of the benefits being paid out today. Additional reports say Medicare funds will also be exposed to major strains at about the same time, complicating the matter even more.

“A majority of my clients who are either in retirement planning or retired are constantly worried about social security being there for them when they really need it,” said GFP and CEO of Alliance Wealth Management Jeff Rose.

Social Security is extremely important to retirees, as many reports say the vast majority of people do not save enough for retirement. Some will undoubtedly rely solely on social security for their pension income. Even people who socking away money in Iras and 401 (k) s often rely on social security, giving an average of $ 1341 per month (median retirement savings account balance in the US is only about $ 92,000).

Among older social security recipients, 53% of married couples and three-quarters of unmarried people receive half or more of their income in retirement via Social Security. In 2016, the average recipient will receive about $ 16,100 per year. The same person, if they want sickness benefits, should expect their Medicare premiums to be around $ 4,300 per year. All taken different studies a healthy couple at age 65 should expect to pay around $ 240,000- $ 265,000 in total for healthcare throughout their retirement – even though they are covered by Medicare Parts B, D, and supplementary insurance. According to some estimates, even higher; A recent HealthView Services survey found that if all medical and medical expenses were included (dental, vision, co-pay, and out-of-pocket expenses), this amount would rise to nearly $ 464,000. At age 65, a couple can expect to pay $ 583 per month for healthcare in their first year of retirement. But the monthly cost should more than double when they reach the age of 85.

No simple, cheap fix

One reason why candidates avoid retirement security is that there is no easy, cheap or popular way to fix it.

Financial Advisor Clint Haynes of NextGen’s wealth said the candidates have chosen not to talk about it for fear of violating the main voters-elderly. “We all know changes need to be made,” he said. “But, I feel they are afraid to point out the motive with the fear of upset the voters who either take social security or come soon.”

Financial Advisor and Accredited Investment Fiduciary Charles C. Scott Pelleton Capital Management said that making a decision on social security, Republicans and Democrats must reach over time. In other words, he doesn’t think it will happen soon. “Both pension and social security are far too complicated to lend to a quick sound bite,” he said.

In fact, at a new financial advisory industry conference sponsored by Charles Schwab Corp., Robert Reich, a prominent Democrat, commentator and former secretary of the work of the Clinton administration, Alan Simpson, a Republican former senator from Wyoming and finance hawk, agreed that both the right program is salvageable, but only with a common sacrifice that the current political climate cannot allow. Simpson said there were at least 180 items in the tax law that add up to about $ 1.1 trillion rights such as municipal bond tax credits and interest expense deductions. All organizations that promote these rights have a building in Washington, he added, referring to the massive amounts of different interest groups, from banks to AARP, spending to maintain the status quo.

Finally

No politician will raise a question that they do not have a solution for or know is a political can of worms. But that does not mean that individuals should not think about what pension security means to them. Since no one is aware of what the future of Social Security and Medicare will look like, people must have their own plan in place. Talk to a financial advisor or planner if you are worried about social security or planning for increased costs in retirement. They will be able to crunch the numbers to give you a more accurate figure.

Natasha Hayes