It is no secret that both Social Security and Medicare are underfunded, and changes are needed. This is a common concern that we hear from many clients approaching retirement. These programs are vital to retirees and it is clear that President Biden has some clear plans to help these programs remain solvent and also provide some benefit expansions.
During his campaign, President Biden had a clear plan for Social Security. Below are some of the highlights:
There are many parts to Medicare. The focus on the plan changes is on Part A (covers hospitalizations) as it is the most underfunded and does not have the same revenue streams as the other parts of Medicare.
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