For years, we’ve been hearing that the Social Security Trust Fund would run out of money. The recent economic recession only worsened the outlook for Social Security Insurance.
According to current projections by the trustees responsible for the Social Security Trust Fund, the Social Security program will begin to pay out more benefits than in collects in taxes beginning in the year 2016. And by 2037, the Social Security Trust Fund will be insolvent, and will be unable to pay full benefits to retirees.
( I feel it will happen much sooner than 2016, based on the unemployment levels, just who are they kidding? The biggest issue I have is if they are not going to have funds at any given point and they know it, just how is it not Fraudulent to be mandatory and withheld from every paycheck? Why haven't the young adults who will never see any payout or middleaged adults who have paid in for years, not making this a BIGGER issue than Healthcare. Our current Heathcare is the best in the world, but our Social Security is BROKEN, fix that first! If Congress is hellbent on looking busy before the economy crunches, this would bear better reviews in the press before elections!)
There are no easy solutions to the Social Security Insurance crisis. One thing is clear, however. Each year that goes by without taking action to solve the problem will only make the solution more painful when the time comes.