All families need income security and health care. Since 1935, Social Security has been available for income support in old age; however, it was created at a time when people rarely lived into old age. My, how things have changed!
Medicare, which is health insurance for those in late life, with renal failure, or disabled, was created in 1965.
Both programs have been crucial to reducing poverty and maintaining independence in old age. Because of these programs, the chances of Mom or Dad relying on you financially in their old age have been greatly reduced. However, both are unsustainable in their current forms for the future, and few young adults believe that social security will be around for them.
MSNBC is reporting today that Obama wants to reform both programs. http://www.msnbc.msn.com/id/28686114/In what ways he wishes to do this are not clear.
As the article states, other presidents have tried and failed to win public and congressional support for reforming these entitlement programs. I encourage you to learn more about these programs and the roles they have played in the lives of older American families in recent years. Try the Urban Institute's site http://www.urban.org/toolkit/issues/socialsecurity.cfm and the federal government's Medicare website http://www.medicare.gov/Library/PDFNavigation/PDFInterim.asp?Language=English&Type=Pub&PubID=10050 for more information on these two important programs.
Tell me your concerns and ideas about financing your future income and health care.
Friday, January 16, 2009
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