55%: Americans who have received government benefits from at least one of the 6 well-known federal entitlement programs
The fiscal cliff isn't the only topic that's been in the spotlight over the past few months. Federal entitlement spending has also been sharply debated. But who will the outcomes of that debate directly affect? A recent Pew Research Center study found that 55% of Americans have received government benefits from at least one of the following best-known federal entitlement programs: Social Security, Medicare, Medicaid, welfare, unemployment benefits or food stamps. Almost a third of respondents replied that they had received aid from two or more programs.
Not surprisingly, the amount of people using entitlements grows with age, starting with 33% for adults ages 18-29, increasing to 45% for those 30-49, 59% for people ages 50-64, and eventually rising to 97% for those ages 65 and older. Most adults qualify for Social Security and Medicare at age 65, making that 97% understandable, but make sure those are not your only income streams as you get older. In fact, no matter where you are in your life, be sure you are saving for your future self.
Source: Pew Research Center, "A Bipartisan Nation of Beneficiaries," 12/18/2012
Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
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