Retirement means big money in America. Social Security and Medicare spending totals $1.8 trillion—about one-tenth of the whole U.S. economy. The tax code annually offers roughly $250 billion in incentives to retirement savers, who have amassed nearly $18 trillion in 401(k)-type plans and IRAs. Even Medicaid, rarely recognized as a retirement program, devotes roughly one-third of its spending to long-term care—primarily for older Americans living in nursing homes.
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