Illinois Medicare/Social Security – Whats New?

August 21, 2011 Category: Medicare

Medicare (and let’s throw Social Security in there too).

What is going to happen with it and how will it impact all of us in the upcoming years?

According to trustees for Social Security and Medicare the news is that the two entitlements will expire earlier than previously expected. Medicare, in particular, is expected to run out of funds in 2024 – five years earlier than was anticipated in prior years.  Social Security is projected to be exhausted in 2036.

What should one do?  Don’t panic, don’t act rashly and don’t worry to much either.  You may be saying that there are a lot of “don’ts” in there.  I say (get ready for another don’t) don’t let the media coverage scare you.  Social Security is solvent for decades to come, and the glass is ¾ full even after that.

Make no mistake though, there is a crack or two in the system and duct tape and Bondo will only hold so long.

There have been a few plan overhaul options, but whose is the best?  Only time will tell.

So what can we, as tax-paying Americans do about this?  Save early and save often and be preventative – from health to wealth.  It is important to take care of your affairs and maybe something or someone can deliver us all on the most sensible, longest and sturdiest  path.