The program has issues, but it’s not as far gone as some people think.
Social Security does face serious challenges, and the payout may decline — but the program itself is not going anywhere. The two trust funds that pay Social Security’s benefits — the Old-Age and Survivors Insurance and the Disability Insurance trust funds — are running out of money, and the Social Security Administration’s trustees do anticipate those accounts will run out of money in 2035.
Some Americans rely on Social Security for most of their retirement income, instead of leaning on their own savings, any pensions and the program’s benefits. Social Security benefits made up 61% of retirement income for elderly beneficiaries, and a third relied on the program for 90% or more of their income, according to the Center on Budget and Policy Priorities. Americans are drastically undersaved for retirement, with some couples having only $5,000 put away.
“It makes no sense to have such a critical program that is relied upon by so many Americans to be in poor financial shape,” said Michael Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan policy organization focused on the country’s economic future.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
One reason lawmakers are hesitant to fix Social Security: the millennialsMillennials have already been blamed for ruining department stores, the real estate industry and golf, and now there may be something else to add to the list: Social Security
Consulte Mais informação »
Social Security is headed for insolvency by 2035, government saysThe financial condition of the government's bedrock retirement programs for middle- and working-class Americans remains shaky
Consulte Mais informação »
Social Security won't be able to pay full benefits by 2035If Congress doesn't act soon, tens of millions of Americans will only receive about three-quarters of their Social Security benefits when they retire
Consulte Mais informação »
That expected Social Security shortfall won't stand in the way of expansion, advocates sayAs the annual trustees report warns of impending trouble if Congress doesn't act, advocates hope lawmakers take action to both strengthen the program's finances and expand its benefits.
Consulte Mais informação »
Social Security is running out of money, benefits on track to be reduced by 2035Social Security program running out of money, with benefits on track to be reduced by around 2035 unless Congress steps in, according to a report released by the Trump administration.
Consulte Mais informação »
Probable Misreporting Of Just-Released 2019 Social Security Trustees ReportThe just-released Trustees Report shows that Social Security has an accumulated surplus of roughly $2.9 trillion. It further shows that at the end of the century, it will cost just 6.07% of GDP.
Consulte Mais informação »
Surprise! Social Security has gotten healthierFor years, conservatives have claimed Social Security is on the path to insolvency. A new report shows it's actually gotten healthier in the last year. From columnist hiltzikm:
Consulte Mais informação »
Medicare, Social Security face shaky fiscal futuresThe financial condition of the government's bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026, according to a report Monday by the government's overseers of Medicare and Social Security. Social Security would become
Consulte Mais informação »
Sri Lanka Blocked Social Media To Stop The Spread Of Fake News About The Easter BlastsThe Sri Lankan Government Blocked Social Media Fearing Disinformation Could Inflame Tensions
Consulte Mais informação »
China’s “social credit” scheme involves cajolery and sanctionsSome people shrug it off, others worry
Consulte Mais informação »