The Moneyist says Social Security and Medicare are essential safety nets
Updated
Updated · MarketWatch · May 7
The Moneyist says Social Security and Medicare are essential safety nets
7 articles · Updated · MarketWatch · May 7
He cites Gallup data showing only 60% of Americans have retirement plans and says private insurance for older people with serious illnesses could cost $10,000 to $20,000 monthly.
The column argues many workers would save too little or raid accounts during hardship, while medical bills already drive hundreds of thousands of US bankruptcies and leave about 100 million adults in debt.
It says Social Security and Medicare hedge against longevity, market swings and healthcare costs, despite sustainability and coverage challenges, and were created to reduce poverty and hardship in old age.
If private insurance fails to prevent medical bankruptcy, what lessons does the Medicare model offer for protecting all Americans?
With Social Security facing a 2032 shortfall, are Universal Savings Accounts the inevitable future of retirement in the United States?
As Americans tap 401(k)s for emergencies, is self-investing a realistic alternative to social insurance programs?