The Growing Cost of Aging in America, Part 2: Medicare and Social Security
April 10, 2018
For aging Americans, Social Security is an important source of income while Medicare provides crucial health insurance coverage. As the U.S. population ages and more people rely on these programs, the rising cost of care is significant. In 2016, Social Security and Medicare accounted for 39 percent of federal government spending, while the number of people 65 and older made up 15.2 percent of the population. What will happen to federal spending on human services programs as more baby boomers turn 65?
In a three-part series, we will help explain the economic ramifications of a growing aging population in the United States. First, we looked at population growth and general health care expenditures of the aging population. Now, in this graphic, we delve into costs associated with Medicare and Social Security.
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