Social Security and Medicare are in trouble. One of the “problems” in planning for retirement is something we’re otherwise happy about - living longer.
Excerpt: “House Ways and Means Chairman Bill Thomas says all options are on the table to overhaul Social Security, and now he’s laying out an ever-expanding buffet. Thomas, for the first time, […]

Social Security and Medicare are in trouble. One of the “problems” in planning for retirement is something we’re otherwise happy about - living longer.

Excerpt: “House Ways and Means Chairman Bill Thomas says all options are on the table to overhaul Social Security, and now he’s laying out an ever-expanding buffet. Thomas, for the first time, said Congress should consider a package that includes increasing the retirement age, discouraging early retirement, splitting off disabled and survivors benefits from Social Security and slowing the growth of future benefits — though not as much as the Bush administration has called for.” (Bloomberg News)

MediaMatters reminds us what they are: “Kill Social Security!”: Promotions for the August 13 edition of Fox News’ Forbes on Fox included on-screen text exclaiming “Kill Social Security!” and featuring a Social Security card with “R.I.P.” superimposed over it. The Forbes on Fox segment, hosted by David Asman, featured a panel of editors and writers from Forbes magazine discussing the merits of abolishing Social Security. Republican economists talk about bringing Social Security’s commitments into balance with funding, and with providing incentive-compatible retirement insurance. But the Republican activists have a very different view of what the goal is.

It’s easy to postpone retirement planning when you are caught up in your daily life. Although we know it is important to start early, we put it off because of kids and jobs and a multitude of other reasons. However, retirement is a very important part of life and you should be planning for it. Most people’s dreams of retirement include not working every day, traveling the country or just playing golf whenever the mood hits. But what people don’t think about is the money needed in order to live the “retired” lifestyle of their choice. Many people mistakenly believe that Social Security will cover their needs however Social Security even today does not cover all expenses.

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