New proposal will cut Medicare, Social Security
November 12, 2010
A new, bipartisan proposal being considered as a cure for the staggering deficit of the United States will have hefty implications for both retirees and those who will retire in the future, according to The New York Times.
Social Security will be one focus of the bill. Low-income households will benefit from new safeguards, but those who make more money will have to pay payroll taxes.
However, the news source reports that some of the cuts in benefits will disproportionately affect the middle class. This may lead to a decrease in living standards for those who haven’t properly set aside some savings.
One of the most controversial measures is the gradual raising of the retirement age to 69. Paul Krugman writes in The New York Times that this could be manageable for those with desk jobs, but put a physical burden on those who are in labor or service jobs.
Those who are looking for ways to plan for retirement may want to install a medical alert system in their home. This device can be used to send a personal emergency response message to doctors if assistance is needed.
This technology may also help reduce medical costs by shortening hospital stays.