"Raising the retirement age would inflict further hardship among a group of workers who are likely to face health and economic problems in their 60s." –Doug Hart, President, Arizona Alliance for Retired Americans
The Social Security and Medicare Trustees issued their annual reports on the state of the two programs’ finances today. Social Security, according to its Trustees, has a $2.7 trillion surplus, enough to fully meet the demands of a growing retiree cohort through 2033 – the same as last year. With no action from Congress, it would cover most benefits through 2087. The Trustees report for Medicare noted that its Trust Fund, which covers hospital care, can fully pay benefits through 2026 – two years later than forecast last year. The Medicare trustees report shows reduced cost growth; this is further proof in many experts’ eyes that health care reform is working for seniors.