From Dow Jones & Company:

In interviews with leading senior advocates, the urgent need to bolster the long-term viability of Social Security and Medicare was stressed. The trust funds for both programs are going broke, with projected cuts of 23% for Social Security and 11% for Medicare hospital-insurance payments once they run out. The passage of the Fiscal Responsibility Act in 2023 reduced 10-year projected debt by $1.5 trillion, but significant efforts are still needed to prevent trust-fund exhaustion. As for healthcare, good news came at the start of the year, as insulin prices are now capped at $35 per month for people on Medicare.

Legislation has also been proposed to create portable, tax-advantaged retirement savings accounts with federal matching contributions, and Medicaid continues to expand under the Affordable Care Act. The cap on earnings subject to Social Security taxes, currently set at $168,600, was also highlighted as a key issue by advocates. Housing costs, long-term care, and healthcare remain major problems for seniors, and despite discussions of inflation coming down, savings are rarely passed along to consumers. Lawmakers, employers, and educational institutions were called upon to take action to address these issues. The problems facing Social Security and Medicare, as well as the challenges seniors face with healthcare, housing, and employment, must be urgently addressed.



Read more: Seniors: These are the issues you need to care about this year