Stoner: Nov. 6 vote will shape Social Security and Medicare

The changes to Social Security and Medicare being discussed this election season will affect voters of all ages and political affiliations. While most voters 65 and older understand the importance of these programs, and middle-aged Americans see them on the horizon, those in their 20s or 30s are less likely to see how the proposed changes could shape their retirement future. The presidential debate next week at Hofstra University provides an opportunity for the candidates to illustrate more concrete plans for the future of these programs.

It also sets the stage for Long Islanders of all ages to weigh in on these issues. AARP has been encouraging its members, as well as younger voters, to share their thoughts on proposed changes to Social Security and Medicare through a series of intergenerational conversations at Hofstra. The first, which focused on Social Security, was held on Tuesday, and another will be held before the debate on Oct. 16.

At Tuesday's conversation, many students were relieved to find out that Social Security will not be going away. College students and retirees agreed that proposed changes to Social Security would likely have a greater impact on future retirees than current ones, and that the programs need to be strengthened. All generations agreed that getting people back to work is a key factor in strengthening the program, as unemployment means that workers are not contributing.

AARP members know changes to these programs will not just affect them, but also their children and grandchildren. Our recent survey of randomly selected voters 50 and older in Suffolk County revealed that 55 percent are worried about achieving their own financial goals over the next five years. Nearly 90 percent of current retirees surveyed said they rely on Social Security a great deal, yet only 9 percent said they are very confident it will continue to be there for them or future generations. Only 12 percent were confident Medicare would continue to be there for them and future generations, despite 96 percent agreeing the program is critical to the health of seniors.

A closer look at what Social Security and Medicare mean to older New Yorkers today shows what the future could hold for younger generations and communities. More than half a million Long Islanders who are retired, widowed or disabled are on Social Security, while more than 460,000 are enrolled in Medicare. Statewide, 2.3 million New Yorkers older than 65 received Social Security benefits in 2011; Social Security comprised 58 percent of their income and kept 32 percent of New Yorkers out of poverty. About 96 percent of the state's seniors were enrolled in Medicare last year, with their average out-of-pocket health care costs at around $3,500, or 12 percent of their income.

Clearly, these programs play a critical role in our community and economy, and from all indications, Social Security and Medicare will be even more important when today's students reach retirement age. Fewer companies are offering traditional pension plans than when today's retirees were working, and currently only about half of all American workers participate in a 401(k) program. The average balance in these accounts is a scant $60,000, according to the Employee Benefit Research Institute. For many Americans, it is a struggle to save for retirement, especially in a bad economy. Often, they must turn to their limited retirement savings if someone loses a job or becomes ill and has insufficient health insurance.

According to the Social Security trustees, if no changes are made, Social Security will be able to pay all benefits for about 25 years, and three-quarters of promised benefits after that. Medicare trustees paint a similar picture for their program.

Although younger generations may be more concerned with issues affecting their near future, like getting through school, finding first jobs, repaying student loans or buying a car, having a voice in the future of these programs -- changes to which could affect them years from now -- is equally important. It's an investment in their own future, and an important part of their long-term plan for financial and health security.

With the downturn in the economy, a lack of personal savings and investments, rising health care costs and an uncertain future for workers today, programs like Medicare and Social Security will be invaluable to the long-term health and financial well-being of future retirees.

Voters of all ages must remember that presidential and congressional candidates elected this fall will indeed shape the future of these programs. The changes they implement will have an impact not just on today's retirees but for generations to come.

William Stoner is AARP New York associate state director for Long Island.