Tags: retirement | seniors | social security | medicare

The Leaking Retirement Bubble

The Leaking Retirement Bubble
(Valentin Armianu/Dreamstime.com)

By Friday, 08 November 2019 01:23 PM Current | Bio | Archive

For retirees, a large part of their retirement expenses will be healthcare.

As people reach their designated Medicare coverage age, it is clear that the envy and willingness to compromise such from them is fever pitched, for it provides what many others don’t get, not understanding that they paid for it. Those who want Medicare for all don’t seem to appreciate that though Part A (Hospital Coverage) is available to all over 65 as part of their social security buy-in, Part B (Medical Coverage for hospital visits, outpatient care, etc.) is available at a cost to these recipients with a co-pay for some things. This also embraces the handicapped and disabled to some degree who have not made the same economic investment here.

If Medicare is expanded to cover all, free of charge, it is clear that something will have to give, most likely social security with increasing taxes. The lack of appropriate taxes from businesses such as multi-billion dollar enterprises like Amazon and Google, which paid none, can’t finance the total costs regardless of the lies being told. But no company should escape paying any tax from a people from which they profit — Republicans need to heed this message.

For the burgeoning ranks of the aged who are today’s baby boomers, there isn’t enough money to cover the high cost of assisted living facilities, nursing homes, and even rehabilitation facilities. Living in place or staying home with supplemental resources is something government programs could possibly do cheaper and from which families could benefit. Make this a part K, as in Keeping America Healthy.

Social Security is increasingly depended on by too many for their sole retirement benefit though it was intended only as a supplement to retirement incomes, not the whole ball of wax. The loss of corporately endowed defined benefit plans has left too many dependent on shaky 401K's, IRAs, and whole life policies which are weak in their yields.

Only those with some faculty for investing in stocks, bonds and other financial tools with reasonable yields or who have jobs which they can work beyond their 70's are ahead of the retirement curve. When businesses go belly up or the yield from state pensions aren’t fully funded, there is no guarantee that planned retirements can be realized. Only two states — Wisconsin and South Dakota — have fully funded their pension retirements for their state. There is no guaranteed back-up when such fails or when legislatures dip into these funds to cover the cost of other expenses. Five have fallen below the desired minimum of 50% — Kentucky, New Jersey, and Illinois are the bottom three.

Queen Maxima of the Netherlands is my “shero,” for her Financial Inclusion Plan offers some hope for doing it differently for the economic security of the poor.

Rules of successful retirements as in life require that you live beneath your means. Also the ties taking a toll for retirees are children sucking you dry with grandkids you have to support, child dependency by those who have drugged themselves into vegetative states, or family who have you for a lifeline when they failed to plan for their own lives.

Political social dreamers or aspiring politicians appreciate that the final unencumbered bundle of money for tapping is Social Security to pay for the wants of a non-accountable public unwilling to insist on Individual Responsibility as a key tenet of a fair and just society. This is not merely another entitlement. Unfortunately like public housing, SNAP, and other plans of non-contributory public support, resentment builds from those who have paid into this system now finding they are without such benefits given others for which they are paying. Many in essence skim off their backs and increase the burdens of society in having children they don’t support, requesting government largess for injuries and accidents caused by their self-neglect or indulgence, a willingness to indulge in mood altering substances regardless of damage to self or others, and an increasing unwillingness to support themselves with any available job even if it is not what they want.

Another requirement to improve health services will be to set standards of care which will require compliance in social adaptability if payment equity is to be achieved.

Ada M. Fisher, MD, MPH is a licensed teacher, retired Corporate physician, former county school board member, speaker, author of "Common Sense Conservative Prescriptions Good for What Ails Us Book 1" (available through Amazon. com) and is the NC Republican National Committeewoman. Contact through DrAdaMFisher.org. To read more of Dr. Fisher's reports, Click Here Now.

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For retirees, a large part of their retirement expenses will be healthcare.
retirement, seniors, social security, medicare
Friday, 08 November 2019 01:23 PM
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