Retirement Reform Blog

The terms “filial responsibility” and “filial support” refer to an adult child’s obligation to render care to aging parents.  Before Medicare and Social Security, children were obliged to meet their filial responsibilities by filial support laws.  These laws gave children the primary responsibility in caring for elderly parents – neglecting to do so could yield financial consequences.

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In the spring, the Social Security Trustees released their annual report on the sad state of Social Security and Medicare.  To sum it up, both programs have a combined total of nearly $102 trillion in unfunded liabilities.  This means that we would need to have that much money in the bank today, earning interest, in order to pay Social Security and Medicare benefits to all current and future retirees into perpetuity.

But suppose both entitlement prograns ended tomorrow – no more payroll taxes collected, and no benefits paid to next generation retirees.  What would happen to that massive debt?  Not to ruin the holiday spirit, but according to NCPA Senior Fellows Andy Rettenmaier and Thomas Saving in their latest study, we would still owe our current retirees, baby boomers and younger workers who have accrued benefits a staggering $52 trillion!  Santa has a tall order to fill this year.