OPINION: Don’t base your retirement decisions on sensational headlines about the latest Social Security status.
Some of the more doomsday of those headlines have led some to believe that Social Security is about to completely run out of money and therefore be unable to pay any benefits. In fact, according to the latest report from the actuaries at the Social Security Administration, Social Security will still be able to pay about 75% of scheduled benefits after 2033, the year in which the Social Security trust funds are projected to become depleted.
The study is entitled “Does Media Coverage of the Social Security Trust Fund Affect Claiming, Saving, and Benefit Expectations?” It was conducted by Laura Quinby and Gal Wettstein, both research economists at Boston College’s Center for Retirement Research. The study is timely, since the Social Security Administration just two weeks ago released its latest report on the financial status of its trust funds.
You might be inclined to downplay the significance of the differences plotted in the chart, since they might seem modest in the context of the range of possible claiming ages—as early as 62 and as late as age 70. But note that the sole cause of these differences, which are statistically significant, is the wording of the headline. I find it noteworthy that there is any difference at all.
The headlines that the economists used in their survey are just some of those that appear regularly and which needlessly alarm retirees and near retirees. One theme that often emerges is the implication that Social Security’s financial position has deteriorated significantly in recent years. The corresponding headlines suggest that it’s breaking news that Social Security is slated to run out of money in the 2030s.
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