May 9, 2015

I Don't Want To Hear This

I probably will apply for social security this month. I have been eligible for four years now but decided to hold off as I am still working and intend to do so for at least another year.
Entitlements: Officially, Social Security has enough money to pay all its promised benefits until 2033. But a new study suggests this forecast could be wildly optimistic. And that spells big trouble for future retirees.

Every year, the Social Security Administration releases its Trustees Report, which projects the program's solvency — how much it will take in, how much it will pay out and how long the "trust fund" can cover revenue gaps — over the next 75 years.

The latest report says that Social Security can meet its financial obligations for about 18 more years. After that, the trust fund will be exhausted, and payroll taxes won't cover nearly all the benefit costs.

That's bad enough. But a new study by researchers at Harvard and Dartmouth shows that this day of reckoning will almost certainly come far sooner than that.
Story here.

I may be working longer than I planned....


LL said...

If you need to rely on SSI benefits, you need another plan. Your government has betrayed you.

That happened a long time ago when President Lyndon B. Johnson rolled the Social Security fund (solvent) into the general fund to pay for the Viet Nam War.

Ian H said...

I took mine early (Canadian eqivalent) 'cause I thought that I would be pretty upset if I didn't make it to 65. :-}

Doom said...

More men, and then women, working... fewer children, a ponzi scheme to start just got worse. Then they put all the "income" collected into a general fund for politicians to use on other things in their promise-a-minute purchase of the vote.

It couldn't have worked out. It wasn't intended to work out.