The sky is not falling. First SS is not broke in 2034. It will be short of meeting "TOTAL OBLIGATIONS " at the 2034 point if the system is not changed before (like now would be prudent). There are many avenues that can be taken to shore it back up. Most of which would have no impact to those of us already collecting SS.
“There are changes that can be made to put the program on solid footing,” Thoma said. “In order for the program to remain fully funded through the 75-year projection period (they run it for 75 years — through 2095), payroll taxes would need to rise about 3.36%, or just under 1.7% for both the employer and employee, to fully fund the program. If no changes are made, benefits would need to be cut by 24% starting in 2034 (they would be able to pay 76 cents for every dollar of benefits).”
Retire Comfortably
And that’s only if the government does nothing to fix Social Security. Other changes that could be made would be to raise the full retirement age, revise the reduction formulas and eliminate the ceiling on taxable earnings.
FYI we are really off on a tangent on the subject of this thread. It was do we think we will get a raise 2023 in SS. Now we are talking about getting $0 total payout.
Last edited by rustyp; 04-14-2022 at 02:27 PM.
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