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Revised SS & Medicare "Go Broke" Dates
Old 05-01-2006, 05:25 PM   #1
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Revised SS & Medicare "Go Broke" Dates

Social Security, Medicare to run out sooner

NEW YORK May 1, 2006 (CNNMoney.com) - "The trustees of Social Security and Medicare now estimate that the Social Security trust fund will be exhausted in 2040 while the Medicare trust fund will be depleted in 2018, slightly sooner than previously forecast.

...In their annual report last year, the trustees estimated the trust fund for Social Security would run out by 2041 and the one for Medicare in 2020.

...By 2040, for instance, the trustees estimate Social Security will be able to pay out only 74 percent of benefits currently promised. By 2018, Medicare will be able to pay out 80 percent of estimated expenditures."


OK Cut-Throat, your turn...

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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-01-2006, 05:30 PM   #2
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Re: Revised SS & Medicare "Go Broke" Dates

I can tell you the exact date that social security and medicare will expire.

Its in early august of 2023.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-01-2006, 05:32 PM   #3
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Re: Revised SS & Medicare "Go Broke" Dates

August, alright, but 2016...
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-01-2006, 05:41 PM   #4
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Re: Revised SS & Medicare "Go Broke" Dates

Nah, its definitely going to taunt me until the last minute.

And never, ever, ever get in line behind me at the store. I'm right behind the gal who wants her order split 5 ways, wants to pay with out of state checks with her name pencilled in, an expired drivers license from another planet, and waits until the total has been rung before looking for the out of state checkbook.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 03:55 AM   #5
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Re: Revised SS & Medicare "Go Broke" Dates

i wouldnt worry to much,,,never forget the sponsers of these programs can print as much money as they need if push comes to shove
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 06:54 AM   #6
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Re: Revised SS & Medicare "Go Broke" Dates

Yeah, I tend to file in behind mathjak. I can't help but think that some of the change in date was politically motivated.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 10:31 AM   #7
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Re: Revised SS & Medicare "Go Broke" Dates

I have mathematically determined it will be June of 2042. Pretty close to their estimates.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 10:41 AM   #8
 
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Re: Revised SS & Medicare "Go Broke" Dates

The media used this to generate big scary headlines.

True story is:

Estimate of time to depletion is changed from 35 years to 34 years.

Headline:

Social Security to be Depleted in 2040!


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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 10:46 AM   #9
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Re: Revised SS & Medicare "Go Broke" Dates

Quote:
Originally Posted by TromboneAl
Social Security to be Depleted in 2040!
Darn - only covers me/DW till age 92!* * Guess I'll have to start playing the lottery from the old age home...* 8)
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 05:26 PM   #10
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Re: Revised SS & Medicare "Go Broke" Dates



After seeing this I immediately adjusted my projections in FIRECalc.* I was pleased to find that my current projection for Social Security income of $0 is still valid and that my retirement plans are not effected by the program's more rapid demise.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 05:57 PM   #11
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Re: Revised SS & Medicare "Go Broke" Dates

Quote:
Originally Posted by 3 Yrs to Go


After seeing this I immediately adjusted my projections in FIRECalc. I was pleased to find that my current projection for Social Security income of $0 is still valid and that my retirement plans are not effected by the program's more rapid demise.
You probably should adjust your FIRECALC inputs to relect the greater income that you will now need to pay those extra taxes that will be coming to pay for SS, medicare, and giant federal budget deficits.
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Re: Revised SS & Medicare "Go Broke" Dates
Old 05-02-2006, 06:07 PM   #12
 
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Re: Revised SS & Medicare "Go Broke" Dates

Quote:
Originally Posted by MasterBlaster
You probably should adjust your FIRECALC inputs to relect the greater income that you will now need to pay those extra taxes that will be coming to pay for SS, medicare, and giant federal budget deficits.
Or inflation! - however they choose to pay for it!

- Not to mention the more immediate concern which is the 9 trillion debt that the government is running up. Social Security is one of the only programs that is running a Surplus! This is a shell game and you guys have your eyes on the wrong shell!
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