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Social Security
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Social Security
• Started during the Great Depression by FDR…1930s• New Deal• Old Age Survivor and Disability
Insurance…• Workers of today pay for retirees
of today…
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Social Security
• 6.2% of paycheck (FICA)…employer matches• 12.4% of YOUR pay….goes to Social Security• Average benefit is $1,002 per month• 40% of retirement income for those over 65• For 20% it is ONLY source of income• 48,000,000 people on Social Security
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Social Security
• Problems ahead…• Was 11 workers…1 retiree• Now 2.1 workers…1 retiree• By 2017…no longer a surplus
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Social Security
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Social Security
• Raise retirement age?• Increase Taxes?• Private Accounts?• ????????????????
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Medicare• Medical Insurance for those over 65• Started by LBJ (1965)…Great Society
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Medicare
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Medicare
• All citizens pay…1.45%...both employer and employee…totaling 2.9% of pay• 42,000,000 recipients• Work more than 10 years to qualify• Monthly premiums paid out of Social
Security check
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Medicare• Pays for doctor visits and hospitals stays• PARTS A, B, C, D• Program expanded during George W. Bush
years (2003) to include prescription drugs
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Medicare
• Part A- Hospital (100 days)1st 20 days free…128.00 per after that for 80 days….$1,024 deductible
• Part B- Medical insurance (doctor visits and services)…pay between $96.40 and $238.00 a month
• Part C- Medicare choice• Part D- prescription drugs
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Medicare• Problems…like Social Security…• Insolvent…growing costs• Move toward managed care
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Medicare