If Social Security is your retirement nest egg, you're sitting on a rotten egg. The bad news out today is that Social Security and Medicare are going broke faster than the government had projected.
That's right, the trustees for the fund reported today that Social Security will be dried up by 2037 -- that's four years earlier than they had predicted last year. Now before you start doing the math to see if you can squeeze your retirement in under the line, keep in mind that the trustees expect Social Security to start spending more (on actual Social Security, that is) than it takes in by 2016.
As for Medicare, it's going to be broke by 2017. And it's already spending more than it takes in.
This is one problem the Dems can't blame on President Bush. He tried to get Congress to address this issue, but the Dems pretty much accused him of Chicken Little rhetoric and continued spending their way through the funds.
The bottom line? Investing in lottery tickets for retirement may be a safer bet than Social Security!
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