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