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|User Info||Ten Things Update: 2011; entered at 2011-06-12 17:40:00|
Do not count on entitlements of any sort. Whether you're retired or not, figure out how you'll make it without them. I'm completely serious about this, even though I know it's well outside of consensus. The simple fact of the matter is that the United States is more than $100 trillion in the hole when one looks at the discounted future value of entitlement promises. The money doesn't exist and can't be made to exist. These entitlements on a forward basis will not be paid. If you're 80, you'll probably not lose access to them during your remaining years. If you're 65, or worse in your 50s or younger, it's an entirely different matter..
This is one reason that I decided to start taking Social Security at age 62, rather than wait for full retirement age, because by age 65, there may not be any, or at least a lot less. However, Social Security can be fixed. Medicare as it currently stands is done. Put a fork in it, it's done. Plan on buying your own very expensive medical insurance if you can get it at all.