Social Security Funds: A Case Study

One major concern that Norma had is a concern for most of the older generation, finances. Norma is concerned that even though they have been saving and don’t spend much, they will not have enough money set aside for retirement. The resources available for the all these baby boomers is not stable because of issues with the economy in the past, which makes older adults like Norma, afraid of how they will pay for things without working full-time. Norma says that because she makes good money at her job, she doesn’t believe that she will be able to pull in as much if she were to rely on Social Security benefits. Throughout our conversation she stated that she has been saving money as much as she can and has not been receiving any benefits of any kind yet because she wants to wait until she is retired to hopefully receive them in full. By delaying her retirement and benefits for a few years she has done herself a favor in the long run. In reference to benefits, Novak says “These come to about 8% more for each year a person delays collecting benefits.” (Novak) Norma says she knows she doesn’t need to
She says that she worries that programs like Medicare and Medicaid won’t be around when she needs them and that money for these programs will not be available. Novak refers to Medicaid when he says “These high and risings costs threaten to bankrupt the system today.” (Novak) Just as Novak mentioned, Norma worries that these programs will go bankrupt and then she won’t have it to rely on. She also states that she would like to continue being able to use her health savings account (HSA) for any medical needs that arise and once she retires, she won’t be able to take that with her. She says that as she gets closer to thinking about retiring, she will have to look into it a little more and hopefully get answers to ease her