The outlook for Social Security and Medicare are of growing importance for our economy.
The first baby boomers became eligible for Social Security in 2008 (at age 62) and for Medicare just last year. Costs of these programs currently represent approximately 8.7% of GDP and 56% of IRS tax receipts. By 2033, those figures are projected to climb to 12.5% of GDP and 81% of current tax receipts.
The following Barron’s reprint discusses a number of considerations, including how long-term impacts could affect your future benefits.Read More