When Is Medicare Projected To Go Broke?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! The answer to that will most likely hinge on the mid-term elections this fall. There is one party that believes that Medicare is a handout, and that it cannot properly be funded, so it needs to be drastically cut. The other party agrees that funding is an issue, and with nearly 10,000 seniors turning 65 every day, and with many of them not covered by insurance through a workplace, it certainly will become a bigger issue. The party that wins the majority of seats in Congress this fall will probably tip the scales in their favor. Assuming things stay the same, Professor Michael Granof, Professor of Economics at the University of Texas says Medicare will be bankrupt by 2023, and Social Security about ten years later. His statistical analysis of retirement aged seniors is quite sobering. If you would like the link to his lecture, please feel free to contact me, I'm happy to share it with you. Thanks for asking!Answered on May 5, 2014flag this answer
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