Not surprisingly, I get this question quite frequently.
Rick has done a great job addressing the issue in his article. If you are worried about your future, give me a call.
At the heart of America’s overspending are two popular entitlement programs, Social Security and Medicare. Most Americans count on Social Security for a significant portion of their retirement income and on Medicare for all their retirement health care needs.
One question I’m often asked is, “Will Social Security be there for me when I retire?” That’s a fair concern when you consider the staggering size of our national debt, which is small compared to the “off balance sheet” liability represented by the unfunded obligations of Social Security and Medicare. Most lawmakers agree off-record that the only way these programs will continue to exist is if we make cuts in benefits and broadly raise income taxes on all taxpayers, not just the rich. Such a scenario probably includes a European-style national VAT (value added tax).