Boomers concerned about loss of benefits
The Arizona Republic, January 23rd, 2007
Baby boomers grew up skeptical of authority, so it's hardly surprising
that some of them doubt the government will deliver the full Social Security and Medicare benefits they've been promised.
Bruce Benton, who turns 62 on July 14, is one of them. He plans to file
for early Social Security payments, rather than wait until age 65 to
draw a larger monthly check. He says his move is calculated, in part,
to protect his benefits from possible cuts by Washington.
"I doubt very much it's going to change much for those people already drawing," Benton said
Will the boomers see their benefits diminished during their long retirements?
It's impossible to say for sure. Congress will likely try to shield
those in or near retirement from cutbacks in Social Security benefits.
But experts generally agree that a projected long-term explosion of
health-care costs could force changes in both Medicare and private
health insurance.
Peter Orszag, head of the nonpartisan Congressional Budget Office,
warns that stall tactics by lawmakers will only put the programs and
the economy at higher risk. If Congress fails to act, the budget office
cautions, the result will be swollen debt and deficits, higher
inflation and reduced living standards.
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