Monday, May 18, 2009

New rules: Work 'til you die Social Security, Medicare facing insolvency

Treasury Secretary Timothy Geithner announced that Medicare would run out of money in 2017 and Social Security would do the same in 2037, both sooner than previously projected, .... This puts increased pressure on older Americans who expect to benefit both from Medicare and Social Security benefits in their retirement years. Losses suffered in the economic recession have forced thousands of older workers back into the workforce. Labor Department statistics show participation in the labor force by workers over age 65 hit 16.9 percent in April, the highest for that month since 1971. ....

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