Social Security. Started during the Great Depression by FDR…1930s New Deal Old Age Survivor and Disability Insurance… Workers of today pay for retirees.

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Presentation transcript:

Social Security

Started during the Great Depression by FDR…1930s New Deal Old Age Survivor and Disability Insurance… Workers of today pay for retirees of today…

Social Security 6.2% of paycheck (FICA)…employer matches 12.4% of YOUR pay….goes to Social Security Average benefit is $1,002 per month 40% of retirement income for those over 65 For 20% it is ONLY source of income 48,000,000 people on Social Security

Social Security Problems ahead… Was 11 workers…1 retiree Now 2.1 workers…1 retiree By 2017…no longer a surplus

Social Security

Raise retirement age? Increase Taxes? Private Accounts? ????????????????

Medicare Medical Insurance for those over 65 Started by LBJ (1965)…Great Society

Medicare

All citizens pay…1.45%...both employer and employee…totaling 2.9% of pay 42,000,000 recipients Work more than 10 years to qualify Monthly premiums paid out of Social Security check

Medicare Pays for doctor visits and hospitals stays PARTS A, B, C, D Program expanded during George W. Bush years (2003) to include prescription drugs

Medicare Part A- Hospital (100 days) 1 st 20 days free… per after that for 80 days….$1,024 deductible Part B- Medical insurance (doctor visits and services)…pay between $96.40 and $ a month Part C- Medicare choice Part D- prescription drugs

Medicare Problems…like Social Security… Insolvent…growing costs Move toward managed care

Medicare

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