Will social security and Medicare be there when it’s your turn to collect? Explain.
This is the great question of the day. No one has a crystal ball. So, no one will be able to say for sure, but here are some perspective that will help you think about the issues.
First, the aging population is growing. People live longer due to advancements in medicine. This is, of course, a great thing. However, we need to keep in mind that as people live longer, the more money they will need for all things, including medicine.
Second, if the younger population does not grow in real ways, then there will be less money to give to the aging population. This will create a problem for social security and medicare.
Third, the government is broke. The national debt continues to grow and there is a lot of fights among politicians. All of these points do not bode well for the future.
Finally, we need to keep in mind that the government has the ability to print money. So, this might be a route they take when there is a need.