“Baby boomers fear outliving Medicare,” the headline of a recent Associated Press article read.
The story went on to give the results of a survey of 1,000 baby boomers — Americans who were born between 1946 and 1964.
The findings were not encouraging, nor should they be.
The survey found that by a ratio of 2-to-1, boomers fear that Medicare will not last long enough to provide them the care they need throughout their retirement. Specifically, 43 percent said they won’t be able to depend on Medicare, compared with only 20 percent who think the program, which provides care for the elderly, is sound.
Unfortunately, the skeptical boomers are right. Medicare will likely go broke later this decade because of the failure over the decades since it was formed to stabilize spending on the program.