Posts Tagged ‘social security’

Debit Social Security, credit healthcare costs …

June 8, 2012

According to Fidelity, a 65-year-old couple retiring this year on a $75,000 annual household income, will be getting  about $29,970 in annual Social Security payments.

With an average life expectancy of about 80 years, that grosses up to about $450,000 in lifetime Social Security benefits.

Not bad,

Except …

Many retirees rely on Social Security benefits as their primary source of income, and …

Fidelity estimates that a 65-year-old couple retiring this year is will need $240,000 to cover medical expenses throughout retirement.

So, for most retiring couples, the majority of Social Security payments could go toward health care costs.

Bottom line: Start saving …

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Tipping point: half of households getting gov’t checks … half paying income taxes.

May 29, 2012

Frequently reported is the stat that only about half of the adults in the U.S. pay any Federal income taxes.

That’s the “revenue” side”.

Now, the WSJ reports that according to recent Census Bureau data, nearly half of the people in the U.S. live in a household that receives at least one government benefit, and many likely received more than one.

The 49.1% of the population in a household that gets benefits is up from 30% in the early 1980s and 44.4% as recently as the third quarter of 2008.

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First, there are the senior citizens who anted into the pot during their working years:

  • 16% of the population lives in a household where at least one member receives Social Security
  • 15% receive or live with someone who gets Medicare.

Then, there are the poor:

  • 26% had someone enrolled in Medicaid
  • 15% of people lived in a household that received food stamps,
  • 2% had a member receiving unemployment benefits.

Most interesting to me is the low percentage getting unemployment benefits … only about 25% of the unemployed.

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