senior Scoops

Hi folks, I am back. I have been away for a while doing other things. Going forward I hope to make my posts shorter and more regular. I am going to start off with this little piece concerning Social Security sustainabilty. Will it be there?

Since its inception in 1935, Social Security has been a cornerstone of retirement plans for millions of Americans. However, with rising costs and an evolving economy, some are questioning whether it will be enough, or even there for them in their golden years. These concerns revolve around solvency issues facing the program and the sustainability of full retirement benefits. This article titled Will Social Security Be There for Me? from the Social Security Administration website addresses those concerns–an excerpt from the article:

The most recent Trustees Report, released in 2023, projects that the Trust Fund reserves will be depleted in 2034.

This is not to suggest that 2034 would be a hard stop for benefits. The article continues to project beyond 2034:

…the Social Security program will have enough FICA taxes coming in to pay about 80% of scheduled benefits.

These projections can be altered, for better or worse, by congressional actions.

Gallup Polling recently asked some current and future American retirees several questions on where they think the program is headed.

Here is a portion of that survey:

A question to a group of non-retirees, June-July 2023:

Do you think the Social Security system will be able to pay you a benefit when you retire?

• Yes 50%
• No 47%

This was asked of current retirees, June-July, 2023:

Do you think the Social Security system will be able to continue to pay you full benefits, or do you think there will eventually be cuts in your benefits?

• Continue to get full benefits 53%
• Will cut benefits 43%

It should be mentioned, the above answers show little varience from historical responses to the same questions.

For some Social Security is not a suplement to their retirement income. It is their income, a lifeline for survival. For many, any cuts to the program would be catastphic.

Multiple income streams are an imperitive. More on this in soon to come posts.

Again, here is a link to the article mentioned above, it is only about 2 pages long–a lot of good information.

Will Social Security be There For Me?