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Work Notes ~ February
Social Security Q & A

Is Social Security going broke?

Would I be better off investing in a savings account than contributing to Social Security?

Will I get out of Social Security the amount I paid into it?

Does the system help older people but not younger people like me?

Medicare to pay for obesity prevention in 2012

Social Security Q & A.

Financial advisor Jane Bryant Quinn answers these common questions about Social Security

Is Social Security going broke?

No, even in the unlikely event that the surplus runs out in 2036, checks would keep coming, paid for by current worker contributions.

Would I be better off investing in a savings account than contributing to Social Security?

Not likely, even if you invested faithfully, never took months or years off and never drew money out of your nest egg.

Right now, a 65-year-old couple averages about $2,170 in Social Security benefits, according to Urban Institute reports. To equal that amount, they would have had to save $580,000 during their working years. Not many average earners would save that much.

Will I get out of Social Security the amount I paid into it?

It's not an investment plan. Your taxes pay for an earlier generation of retirees. Current workers are paying for benefits you'll have when you retire.

Does the system help older people but not younger people like me?

It does help younger people. It provides income to qualified widows and widowers with young children, and orphans.

It saves young families from having to support older parents who, without Social Security, wouldn't have enough money to live on. It also provides benefits for workers who become disabled.

Medicare to pay for obesity prevention in 2012

Medicare has announced it will pay for screenings and preventive services to help recipients curb obesity and the medical ailments associated with it, particularly heart disease, strokes and diabetes.

According to the STOP Obesity Alliance, the cost of being overweight over a five year period is $24,395 for a woman and $13,230 for an obese man.




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