Sustainability Of Senior Entitlement Outlays
One of the most amazing demographic realities of our time is the rapid aging of the
United States population. The baby boomer generation is reaching retirement age, and as
a result senior citizens are the fastest growing age group. This is more than just a
statistical oddity that is interesting to mention. It also has practical implications that are
very relevant to anyone who is engaged in retirement planning.
Social Security and Medicare are very important to most people who are planning for
their retirement years. And the reality is that even if you will be perfectly capable of
meeting your expenses without receiving these benefits you did pay into the programs so
it is only natural that you would expect to receive something in return. If you didn't need
to use your benefits for basic support they would certainly enhance your legacy.
Due to the fact that the baby boomers are becoming senior citizens there are 10,000 new
applicants for Social Security each and every day. This is truly amazing, and what is
even more jaw-dropping is the fact that this is going to continue for the next 20 years.
In 2010 Social Security and Medicare spending accounted for 34% of the federal budget
according to the Center on Budget and Policy Priorities. In light of the fact that we will
be seeing 10,000 new applicants every day for the next two decades it is logical to
deduce that spending on these entitlements will increase if the system remains in its
There is a loud chorus of voices in Washington D.C. clamoring for significant budget
cuts, and some have suggested that Social Security and Medicare spending is not
sustainable. So, if you are planning for the future with the expectation that you will be
receiving Social Security and Medicare benefits it would probably be a good idea keep
your finger on the pulse of ongoing budget talks this year and into the future.
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