6. The Social Security Trust Fund will face insolvency in 7 years
Seven years may sound like a lot of time, but time flies rapidly. Meaning that the reduction in your Social Security benefits is approaching. This reduction could translate to a 23% cut that would force future beneficiaries to save up to $150,000 in order to cover the shortfall.
It may not be seen as an overwhelming issue as we speak, but that day will eventually come if proper measures aren’t taken.
Willing to keep yourself updated with the most significant Social Security changes? Hit the subscribe button!
Social Security is not a Government fund when you work you pay Social Security everytime you get paid. That’s suppose to be like a savings account for when you get old or disabled you will have that money to take care of yo it. The Government has said as long as I can remember the Social Security is going to run out of money. You figure the people working today is paying the people Social Security. They payed the people before them. But what about all the people that passes away before they ever reserve Social Security so all that money is still there so how can the Social Security go broke.
I know this isn’t anything to do with Social Security but I dont understand taxes some state done pay taxes and other one pays a hole lot of taxes. I don’t think that is fair there some people really can’t afford paying taxes. You figure you have property taxes Vehicle taxes Sales taxes income taxes everything you have to pay taxes but people in other state dont pay any? You figure nothing you have is really ever yous it the Government because of TAXES.
THANK YOU VERY MUCH
To late they have already broke the system and is too.
I dont understand we work the majority of our life paying in social security and income tax and now its time to retire why are we paying tax on our social security income that we already paid while we worked . I think that is double dipping.
Taking SS at 62 is not a small reduction. It’s like 30% less. You obviously didn’t do your homework and listened to ill-informed people. What are your other sources of income? If you don’t have any other income investments, then you planned poorly. SS was never meant to support your retirement on its own. Don’t blame SS because you can’t pay your bills. Because you took early SS you don’t get a bump up when you reach FRA.
I worked as a Musician all my life. I will turn 76 this year. My manager told me several years ago that I should file my SS retirement early because I just don’t make enough $. I was informed that my monthly payment Will be reduced by a small amount because of early retirement. My question is why after I finally reach my FRA, why shouldn’t I get my full money payment at that point. The $ I receive now are not enough to make my monthly payments. The cost of everything has gone up much more than the government says. In Ca. the creed has caused every bill that I have, and I do mean every one of them, almost 40-50%. I still work, have to as long as I can. I served in the Army, was drafted in 1970. I’ve some how paid all taxes. I was even audited once as well. The Govenment has failed us. The present people in charge are thugs and obviously are serving there needs no us. The two party’s even call or text sometimes 6 or 7 times a day asking for $. I want that to stop. Something needs to be done or there will be some sort of uprising. We have been lied to!!!
When the S.S. faces insolvency in 7 years then we seniors should automatically be enrolled in the program that the congress critters are in. After all, it was they that was using our Social Security as their own piggy bank.
I agree!
Not Congress or any other entity should be able to raid the Social Security Trust Fund. Kee your hands off!
FRA for someone born in 1958 last year was 66 and 8 months not 66and 6 months. You should correct that on your info.
Will there ever be a chance that our cola raise will not be almost all taken for medIicare? It helps us very little to get a cola raise, when most of it is taken back. It would be nice, when the cost of living gos up so much, to get to keep it for a change!!!!!