It’s coming, much sooner than anyone expected, and it’s going to cost seniors.
For years, people have said Social Security was in trouble. The program was started nearly 100 years ago. Clearly, FDR had no clue what it would cost.
With Baby Boomers retiring, the funds in the system are just running out.
But Congress and past presidents have refused to do anything to fix the broken system.
Today, Congress wastes its time subpoenaing the president, instead of focusing on issues like this.
Now, some bad news is on its way for SS recipients.
From Washington Examiner:
The Social Security and Medicare trustees projected that the combined Social Security trust fund will be depleted in 2035. At that point, enrollees would face a roughly 25% cut in benefits.
Ugh, this does not look good for anyone looking to retire anytime soon!
Federal officials are predicting the combined funds for SS and Medicare will be gone by 2035.
That may seem like a long way off… if you’re a child. But for anyone who’s been working since the ’90s, that’s right around the time you’ll start thinking about retirement.
The lack of funds means a cut of 25% for benefits. You do the math. In 15 years, the cost of living will only get higher.
Already people complain that SS doesn’t cover enough for retired Americans. A new generation of retired Gen Xer’s won’t even have enough cash to buy groceries.
This is a serious problem. Our government takes a large chunk of your paycheck each month to cover Social Security.
Americans believed they were “paying into” their own retirement. That wasn’t the case.
What will the taxes be like in 15 years, when they have to pay for benefits?
Now is the time Congress should be acting (actual, the time was 20 years ago, but who’s splitting hairs?).
They need to make changes to the program, cut back on spending wasteful programs if they hope to save SS.
President Trump will be able to do more if he wins 2020. This could be a major issue for his second term.
If not, millions of Americans were “paying into” a big giant goose egg.