Social Security is one of those topics about which people
have strong opinions… often based on misinformation perpetuated by political
commentators.
“It’s important to remember that Social Security does not
run out of money or go “broke” even when its key trust fund is exhausted in
2035, as projected in the
2013 Social Security trustees report. The report says that tax income would
be sufficient to pay about 72 percent of scheduled benefits through 2087. Even
with current trends, the program will be there, although with reduced benefits
if absolutely no changes are made — which is not politically likely.”
“You are paying not only for retirement benefits, but also
for disability and life insurance.” Learn more about how Social Security works
so that you can have educated opinions about this important program. Read: “Social Security: A guide to critical
questions” by Glenn Kessler for The
Washington Post Fact Checker: http://www.washingtonpost.com/blogs/fact-checker/wp/2014/01/08/social-security-a-guide-to-critical-questions/
To learn more about potential viable solutions to the funding problem
check out the Center for Retirement Research’s The Social Security Fix-It Book http://crr.bc.edu/special-projects/books/the-social-security-fix-it-book/
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