JEFFERSON CITY, MO -- Life as we know it is probably going to change in the next two decades. Medicare is expected to run out of cash in 2024 and Social Security could dry up as soon as 2036, according to a government report out last week. So what are you going to do? One local financial professional says you better start saving.
"The earlier they can plan for no Social Security or Medicare in the future, or less Medicare in the future the better off people are going to be." said Jill Dobbs who is the Vice President of Central Trust and Investment Company in Jefferson City.
We turned to her to find some quick ways you can prepare for life without Medicare and Social Security. She says max out your IRA contributions, and take advantage of your employers 401K plan, especially if they match a percentage. The recent talk about Social Security and Medicare has even spiked business in her office.
Dobbs said, “People know whats going on, you can't continue to take and take and take. Back in the 50's I think we had about eight people working for every retiree and now we're down to like three people working for every retiree".
So for now the Social Security Checks keep on rolling but the best advice for the future is start saving now.
Right now Social Security covers some 60 million Americans and Medicare covers 46 million seniors.
Original Story
With the economy in the tank for nearly a decade. Federal money could be drying up years before first thought. What will happen when it comes to Medicare and Social Security?
How are you preparing?
Could you make it financially without relying on Social Security?
TV Station Profiles & Public Inspection Files forKRCG