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Washington – Representative Tom Reed addressed the recent report Monday that Medicare and Social Security is expected to run out of money by 2026 and 2034, respectively.

"We care about those on Social Security and Medicare and are aware of the funding problems they are facing," said Rep. Reed. "We must work to solve this and pass bipartisan reforms to ensure that Social Security and Medicare are available for generations to come."

The report urged Congress to "work with a sense of urgency" because "the early introduction of reforms increases the time available for affected individuals and organizations — including health care providers, beneficiaries and taxpayers — to adjust their expectations and behavior."

Ideas discussed include:

  • Raise the Payroll Tax Cap
  • Raise the maximum amount of wages a person could be taxed on from $118,500 to $274,000. Eliminate the Payroll Tax Cap
  • Eliminate the maximum amount of wages a person could be taxed. Raise the Full Retirement Age of Social Security to 68 Due to Increased Life Expectancy
  • Increase the retirement age by one year, in 2023 then by two months each year till 2028. Raising the Age of Eligibility for Medicare to 67
  • Increase the age of eligibility for Medicare to 67 would save Medicare $55 billion over 10 years. Increase Value-Based Reimbursements
  • Move payments from a 'fee for service reimbursement' model to a payment system based on efficiency, quality and value. Promote Hospice and Palatable Care
  • Implement reimbursement models and planning to promote hospice and palatable care. "I love what I do, but with 4 children, all of our money goes to pay our household bills and saving extra money for retirement is virtually impossible at this point in my life," said Kyle Halstrom of Chautauqua County. "I worry that what we pay into the Social Security system is not going to guarantee me anything in return when I am ready to retire."
"As more Baby Boomers retire, the viability and sustainability of Social Security and Medicare are of the utmost importance," said Mayor John Buckley of Hornell. "It is vital Congress act sooner rather than later to ensure these programs are healthy and secure for future generations.

"I applaud Congressman Tom Reed for being proactive on these issues. Being a member of the Problem Solvers Caucus, Tom continues to show he can work in a bipartisan way to get things done for the good of the people he serves," concluded Mayor Buckley.

"Young adults believe that Social Security and Medicare will not be available when they retire," said Ethel Peters from Geneva. "It is often repeated and heard over and over.

For some retired adults, this is their only resource. Social Security and Medicare must be saved for all that have contributed to the fund, young and retired. Congress must make every effort to prevent its collapse, concluded Peters."

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