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Plan for retirement should not include government funds

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As the country struggles with a monstrous debt and a recovering economy, two programs are running out of capital faster than originally expected, according to Business Insider.

Medicare and Social Security are in financial dire straits and people that thought they would help supplement their financial needs later in life may be left with much less than they planned for, the news source reports.

Government officials expect that Medicare will be broke by 2024, which is five years sooner than originally projected, according to the National Journal. Experts believe that the reforms in President Obama's healthcare law will be able to help.

"We have heard in today's Medicare Trustees report that there is no question we've strengthened Medicare," Health and Human Services Secretary Kathleen Sebelius told reporters. "But there is still work to be done."

Financial planners believe that people should look for alternate forms of supplemental income in retirement, such as annuities or universal life insurance. These investments can ensure that people have a steady form of income or a valuable nest egg waiting for them.  

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