From the Investment Fraud Blawg
According to the Wall Street Journal, the U.S. government has determined that the Social Security system will run out of money sooner than expected.
The government’s estimate is that the Medicare fund will be exhausted in 2017 and the Social Security trust fund will be insolvent in 2037. The article quotes recently appointed HHS Secretary Kathleen Sebelius as stating “It’s a wake-up call for anyone concerned about Medicare and the health of our economy.” Politics aside, this news is even more concerning given that one year ago, the government estimated that Medicare and the Social Security trust would be exhausted two and four years later, respectively (in 2019 and 2041).
This reinforces the need for Americans to prepare for retirement, and, in particular, the need for responsible financial planning.