California’s evolving effort to build a public long-term care insurance program includes an important, and potentially far-reaching, feature: The insurance fund would be allowed to invest some assets in stocks. This would be a dramatic change for both social insurance and long-term care insurance. For example, Social Security is allowed to invest only in Treasury bonds. Regulators require private long-term [...]
In the U.S., some Republican lawmakers are proposing to raise the age of eligibility for full Social Security benefits, provoking withering criticism from President Biden and many Democrats. But the debate over when government should begin paying retirement benefits isn’t just a controversy here. It is happening all over the world. French President Emmanuel Macron has proposed gradually raising the [...]
What will last Tuesday’s election mean for older adults and their families? A slim Democratic majority in the Senate combined with what is likely to be narrow Republican control of the House likely means no new legislative initiatives will pass Congress in 2023. The Biden Administration’s ambitious plan to support frail older adults and their families is dead, at least [...]
Suddenly, Social Security reform is back in the news. For all the wrong reasons, perhaps. But at least politicians are talking about it. And that’s a good thing. After all, in only about a dozen years, the Social Security Old Age trust fund will be insolvent and able to pay only about three-quarters of its promised benefits. Despite that looming [...]
A great misconception of aging in America is the belief that Medicare will pay for your health care needs in old age. It won’t. It will pay for some of those medical costs. But a typical senior can expect to foot the bill for a substantial portion of their health care, even if they are enrolled in Medicare. Half of [...]
An amazing thing happened in this year’s presidential election. A major party candidate proposed raising Social Security payroll taxes. And won. More than that, it was never even an issue. What ever happened to Social Security being the third rail of American politics? The candidate, of course, was Joe Biden. He proposed a quite detailed plan for reforming Social Security [...]
In his campaign, President-elect Joe Biden promised a wide range of policy changes aimed at supporting older adults, including paid leave and tax credits for families caring for older adults, significantly more funding for Medicaid community-based long-term services and supports, and significant reforms to Social Security The question will be how much can he get done, given other priorities and [...]
As with so many issues, there is a major gulf between President Trump and former Vice President Joe Biden when it comes to issues that directly affect older adults. Biden has proposed a long list of specific proposals. Trump has said remarkably little about what he’d do in a second term, and that silence extends to programs that affect seniors. [...]
You are turning 65. But-- like 40 percent of other 65-year-olds-- you have not yet claimed your Social Security benefits. For many older adults, that choice makes good financial sense. Except for one problem: You may find yourself getting hit with big penalties for failing to enroll in Medicare. Why? Because you probably didn’t know you had to. Congress could [...]
In 10 years, the federal government will spend half its budget (not counting interest on the debt) on those aged 65 and older. The inexorable aging of the Baby Boom generation means that a growing share of federal spending will be used to support older adults—mostly for health care and retirement benefits. As CBO importantly notes, it is misleading to [...]