Time Is Running Out To Save Social Security
These days, politicians from both parties are vowing that they won’t touch Social Security. Just one problem: Not touching Social Security means benefit cuts for everyone just a few years from now.
How is this possible? For starters, Social Security doesn’t work the way many people think. The money it collects from taxes isn’t saved but is spent on today’s retirees. In the past – when there were fewer retirees compared to workers – that system worked. In some years, it took in more than it needed.
But ever since 2010, Social Security has had to pay out more in benefits than it’s taken in. And by 2033, it will no longer have enough money to pay Americans what they’ve been promised.
At that point, Social Security will be legally required to balance its books by cutting everyone’s benefits by an estimated 21%. For a typical two-income retired couple, that translates to losing over $17,000 a year.
The upshot: We’re in for some painful decisions that will likely involve both tax hikes and benefit cuts. But the sooner we start, the less painful it will be.
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