A new report by Eugene Steuerle and Caleb Quakenbush at the Urban Institute (PDF) reveals just how unsustainable Medicare is. Because anyone who has paid Medicare taxes for at least 10 years is eligible for full Medicare benefits once they reach the age of 65, program recipients take much more in benefits than they pay into the system.
How much more do they take?
A two-earner couple, with both members earning an average wage of $44,600 in 2012 and retiring in 2020, can expect to pay $153,000 in Medicare taxes over their lifetime and collect $427,000 worth of benefits.
There is no way this program can continue in its current form.