Aging population, fewer workers paying into the system.
Eventually, Social Security will be funded out of general tax revenue to cover the shortfall.
But even that won’t be enough to ensure people can manage their retirement years.
SS is an easy problem to fix. The numbers suggest that adding just 3 months to the retirement age and 1 year to the early retirement age would make the system solvent.
62 year olds can work. Age is not a factor. They may have some other issue like a disease or other health issue. But age alone does not stop people from working at 62.
By law, SS benefits are limited to the revenue collected thru the SS payroll taxes. SS has been running in the red since 2010, I.e., benefits paid out exceed revenue. The shortfall is made up by cashing in T-bills held in the SS Trust Fund. Once the SSTF is exhausted in 2029, benefits will be limited to the revenue collected, by law. It is estimated that this will result in a cut of about 20% in benefits.
The General Fund is impacted by the redemption of the SS T-bills. Since we must borrow money to fund the deficit, we are borrowing money to help redeem the SS T-bills, which total $2.4 trillion in the SSTF. The SSTF is part of our $20 trillion national debt.
Holy S-H-I-T, is this FR, or the AARP??
I should have read the thread fully before posting the 1st time....
Anyone bring up A1S8?
Where’s the call to DISMANTLE?
Return of liberty\freedom\choice (it WAS ‘your $$’..before the govt got a hold on it)?
All I’m reading is “If we did X\Y\Z, the program would last *LONGER*”. Sweet baby Jesus! I expect to see a few before I’m done this post scream about “Don’t touch *MY* S.S.\MediXYZ\etc.”.
“It’s not Fascism when WE do it” *spit*.