October 2018

Baby Boomer


How Will Medicare Fare?

In 2011, the oldest of the baby boomer generation started to turn 65. Now, about 10,000 baby boomers turn 65 every day. This rate will continue until 2029. At that point, almost 20 percent of Americans will be older than 65. This raises some questions as to how Medicare and other benefits programs will care for so many retirees.

We’ve already started to see how the increase of baby boomers in retirement has started to take a toll on these programs. Out of the $3.95 trillion of federal spending in 2016, 15 percent went into Medicare costs and 24 percent went into Social Security programs. That’s easily more than a third of federal expenses. This is a big part of the problem of the United States’ increasing level of debt.

With more baby boomers qualifying for benefits, the pressure on the system will only increase. Both the Social Security Disability and Medicare Hospital Insurance Trust Funds are declining. And their ability to support retirees will be strained by 2030, just as the last of the generation turns 65. That’s to say nothing of the retirees who will come after.

Who they all retire at 65?

Now, not everyone who turns 65 will automatically retire. Many people are choosing to continue working, either for personal or financial reasons. Even so, the number of baby boomers will continue to put a financial strain on government spending. This will only get worse as health care costs continue to rise.

Just as Medicare and other benefits systems aren’t prepared to handle the financial strain, the health care industry itself is seeing troubles, too. This is due to a lack of professionals to provide care for the elderly. Baby boomers in the medical industry are starting to retire, leaving gaps that may be difficult to fill.

Medical Care and Benefits

We need more people to seek careers in the medical industry to provide retiring baby boomers with the proper level of care. Private-run solutions, such as nursing homes, can fill this role as well. With more affordable health care options available and systems ready to take on the challenges, there will be a chance to reduce some of the financial strain.

On both the medical care and benefits provider sides of things, the continuing wave of retiring baby boomers will bring an ongoing level of stress. Only proper preparation can help alleviate the situation as it progresses.

Related article to read:

How to make a road trip as a retiree fun and affordable






Are you or somebody you know turning 65 and eligible for coverage under Medicare? Free & No obligation help is available for Kansas and Missouri residents seeking assistance and information.  Talk to me today, Paul Carrigan, to find out more.
“Do what you need to do and enjoy life as it happens.”  John Scalzi

Accessing Reputable, Free Addiction Treatment Services

Blog Post by Rebecca Fischer of ArkBH.com - Image by Pexels Accessing Reputable, Free Addiction Treatment Services   Some people put off seeking addiction care because they fear that they can’t afford it. However, finding high-quality, affordable – or even free –...

How to Prevent Soil Erosion in Your Backyard

Soil erosion in your backyard can lead to a host of problems, from a damaged landscape to potential impacts on the structural integrity of your home. It is particularly important to understand how to prevent erosion, as a well-maintained outdoor space contributes to...

What a Financial Advisor Can Help You Figure Out Before Retirement

Financial Advisor Preparing for retirement is a complex process that involves more than just saving money. It requires strategic planning to ensure financial stability and fulfillment during the retirement years. A financial advisor can play a crucial role in this...

Simple Home Improvements That Can Have a Positive Impact

Home improvement projects don't always require significant time and financial investments. Simple changes can have a profound effect on a home's ambiance, functionality, and even the health and well-being of its occupants. Understanding how these enhancements can...

Why You Should Get a Gym Membership in Retirement

Retirement marks a new chapter of life, offering freedom from the nine-to-five routine. While many retirees focus on travel or hobbies, health often takes a back seat. But maintaining good health is crucial in retirement, making a gym membership a wise investment....

Signs a Property is Going to Need Some Work

As a property owner, it's crucial to be aware of signs that indicate your property may be in need of repairs or renovations. Recognizing these signals early can help you address issues promptly and prevent more extensive and costly problems down the road. Uneven...

Tips for Being a Safer Driver

Safer Driver Driving safely is essential not only for your well-being but also for the safety of everyone on the road. Whether you are a new driver or have years of experience behind the wheel, it's crucial to stay vigilant and follow some key practices to be a safer...

How to Avoid Getting Scammed Online

Scammed Online Navigating the digital landscape requires vigilance, especially when it comes to protecting oneself from online scams. With the increasing dependence on the internet for information, shopping, and social interactions, the risk of falling prey to...

How to Secure Your Future Retirement Now

Planning for a secure and comfortable retirement is a vital step to ensure a stable financial future. By taking proactive steps and making informed decisions, you can set the foundation for a worry-free retirement Become Debt-Free Achieving a debt-free status is a...

How to Make it Easier to Get into Real Estate Investing

Real estate investing can be a lucrative venture, but starting out can be daunting. There are strategies that can make it easier for individuals to get into the real estate market. House Hack House hacking is a strategy that allows you to ease into real estate...
Want new articles before they get published?
Subscribe to our Awesome Newsletter.

Author: Admin

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Pin It on Pinterest

Share This