About 2.5 million Baby Boomers are turning 70 this year. They are the leading edge of the roughly 76 million Baby Boomers who were born during 1946-1964. They’re getting older every day.
Even if you’re not a Boomer, you need to care about this cohort. Folks who are 70+ use lots more health care than younger people, and a great many of them collect Social Security benefits.
In fact, Medicare spending and Social Security benefits account for close to 45 percent of federal spending.
We need to raise the Social Security retirement age, and remove the cap on earned income (now $118,500) that’s subject to the Social Security tax.
That’s plain talk.
Copyright © Richard Carl Subber 2016 All rights reserved.