Quote:
Originally Posted by Giantone
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Social Security does face funding challenges. For decades it collected more than it paid out,
building a surplus that stood at $2.85 trillion at the end of 2021.
But the system is starting to pay out more than it takes in, largely because the retiree population is growing faster than the working population, and living longer.
Without changes in how Social Security is financed, the surplus is projected to run out in 2035, according to the latest annual report from the program's trustees.
Even then, Social Security won't be broke. It will still collect tax revenue and pay benefits. But it will
only bring in enough to pay 80 percent of scheduled benefits, according to the latest estimate. To avoid that outcome, Congress would need to take steps to shore up Social Security's finances, as it did in 1983, the last time the program nearly depleted its reserves. The steps then included raising the full retirement age (see Myth #2), increasing the payroll tax rate and introducing an income tax on benefits (see Myth #8).
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G .. how da fuq does that make me feel better?
2.85 TRILLION SURPLUS as of 2021 will be wiped out in 14 years?
Only pay 80% of its scheduled benefits?
If that shit is supposed to hit he fan in 2035 .. there wont be shit left over for me in the year 2049 when I (hopefully) turn 70.
Dang it .. its WORSE than I feared.
Am I reading this article wrong?