Social Security celebrates it’s 83rd birthday this year and while it has remained strong there are some dark clouds portending what could be a difficult future.
Currently, the program can pay full benefits for about 15 years. But if no action is taken to keep Social Security safe and sound our benefits could be cut by about 25% in 2034, according to the trustee’s report. This could be devastating to future generations and our economy as well It is still possible however to achieve long term solvency with some changes, which is vital. Emphasis should be on those who need the benefits the most in the future, while continuing to holding on to the core elements that need to be preserved: inflation protection, progressive and defined benefits that cannot be outlived.
These are critical times for the entire populace, as what we do now will result in future success or failure for our Social Security system that so many rely upon to live productive lives.
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