Hello Dr. Oâ€™Neal, and Classmates,
According to research, many believe that an increase spending on Social Security and Medicare for the elderly will â€œsqueeze- out â€œ important government programs and investments that are core to our economic future â€œ(Klein,2013.pg.1 ). Programs like education, infrastructure, and research will be phased â€“ out. This is due to trends in health â€“ 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 it necessary for Congress to utilize the discretionary funds. Looking at both sides â€œ Itâ€™s that the structure and politics of the federal budget right now are leading to a situation in which spending on retirees and keeping taxes low on current workers could really short change needed investments in our future â€œ (Klein,2013.pg.4).
Statics states for 2017, $260,000 was needed for a couple for health care expenses, for 2018 a 65 year old couple needed $360,000 in savings for health care expenses. A male will need $64,000 and a female will need $83,000 in savings for medical expenses (Singletary, 2017 ). However considering all of these facts one must see that it is never too late to start planning health- care expenses ( which should include retirement savings )(Powell,2014 ). There are several resources that one can utilize in planning expenses for Medicare and retirement. It is noted that staying healthy (eat right and exercise ) can make a difference in planning medical and retirement expenses for the future. â€œ The difference between entering retirement in good health vs. poor health could be tens of thousands of dollars in reduced medical expenses, which can be reallocated to cover other retirement needs â€œ(Powell, 2014. Pg.4).
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. Hereâ€™s what health care will cost you in retirement. Retrieved from https://www.washingtonpost.com