Social Security Gone By 2034

The Social Security actuaries released a report indicating that the Social Security Retirement Trust funds will be depleted by 2034. Many are curious about whether or not Social Security benefits will be around for them. Jeffrey Miller, doctorate of economics, claims there will be some benefits for people who retire after 2034. Additionally, Miller recommends people should not alter their Social Security benefits because of the new information. 

The ambiguity about the status of Social Security benefits is really a political issue. It will either entail a reduction in benefits or a hike in taxes. If Congress takes no action then the fund will be depleted by the early 2030’s. Following the depletion, the only source of income will be what the working class is contributing to the fund. However, a system based solely on that income will be unable to payout at least 75% of the designated benefits. Despite the bleak outlook, the worst case scenario does not need to happen. Congress can make adjustments to re balance the system like they did in the 1980’s with the baby boomers.  

See Jeffrey Miller, Will Social Security be there for You ?, The New York Times, Jul. 4, 2013.