1. Social Security

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

5. 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

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

7. Social Security

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

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

10. Medicare

11. 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

12. 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

13. Medicare Part A- Hospital (100 days) 1 st 20 days free…128.00 per after that for 80 days….$1,024 deductible Part B- Medical insurance (doctor visits and services)…pay between $96.40 and $238.00 a month Part C- Medicare choice Part D- prescription drugs

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

15. Medicare