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Medicare/Social Security
Revisions due to changes in demographic and in interest rates mean that the Medicare Trust Fund will be depleated in 2018 rather than the previously predicted 2020 and that the Social Security Trust Fund will be depleted in 2040 rather than 2041.
This doesn't mean that payments will stop. Rather, full payment of benefits will no longer be possible.
Medicare will be able to pay out only 80%.
Social Security will be able to pay out 74% .
My hope is that SB 840 passes in California. This would provide for a single payor healthcare system. Studies show this system would provide full health coverage to all California residents yet save $9 billion the first year and would provide even greater savings later on.
My simplistic solution to the Social Security problem is to say to members of my generation: "Take your choice: Retire at 70 with full benefits, or retire at 65 with 74% benefits."
This doesn't mean that payments will stop. Rather, full payment of benefits will no longer be possible.
Medicare will be able to pay out only 80%.
Social Security will be able to pay out 74% .
My hope is that SB 840 passes in California. This would provide for a single payor healthcare system. Studies show this system would provide full health coverage to all California residents yet save $9 billion the first year and would provide even greater savings later on.
My simplistic solution to the Social Security problem is to say to members of my generation: "Take your choice: Retire at 70 with full benefits, or retire at 65 with 74% benefits."
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