Question Description
Hello Dr. O’Neal, and Classmates,
According to research, many believe that an increasespending on Social Security and Medicare for the elderly will “squeeze-out “ important government programs and investments that are core to oureconomic future “(Klein,2013.pg.1 ). Programs like education,infrastructure, and research will be phased – out. This is due to trendsin health – care spending and or the aging of the population.Therefore it is understandable, that if the society ages, then health-care costs continues to increase, so will the taxes. This might make itnecessary for Congress to utilize the discretionary funds. Looking atboth sides “ It’s that the structure and politics of the federal budgetright now are leading to a situation in which spending on retirees andkeeping taxes low on current workers could really short change neededinvestments in our future “ (Klein,2013.pg.4).
Statics states for 2017, $260,000 was needed for acouple for health care expenses, for 2018 a 65 year old couple needed$360,000 in savings for health care expenses. A male will need $64,000and a female will need $83,000 in savings for medical expenses(Singletary, 2017 ). However considering all of these facts one must seethat it is never too late to start planning health- care expenses (which should include retirement savings )(Powell,2014 ). There areseveral resources that one can utilize in planning expenses for Medicareand retirement. It is noted that staying healthy (eat right andexercise ) can make a difference in planning medical and retirementexpenses for the future. “ The difference between entering retirementin good health vs. poor health could be tens of thousands of dollars inreduced medical expenses, which can be reallocated to cover otherretirement needs “(Powell, 2014. Pg.4).
Reference
Klein, Ezra, 2013. Have seniors really paid for Medicare and Social Security? Retrieved from https://www.washingtonpost.com
Powell, Robert, 2014. How to pay for Health Care in Retirement. Retrieved from USA Today>2014/11/01
Singletary, Michelle, 2017. Here’s what health care will cost you in retirement. Retrieved from https://www.washingtonpost.com
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