If life were a book, the foreshadowing being given to the death of Social Security would make it seem to most readers that it’s demise was certain. But that death is far from certain, or even near, with the worst projections giving the SSA full health until 2034. Even under the worst case scenario beneficiaries will still be paid 80 cents on their normal retirement dollar after that year. So why the worry? Part of the problem comes down to the fact that their are only two major paths to continued solvency, cutting benefits or raising taxes. Since each major party has a core that is dedicated to one particular solution, combined with the seeming remoteness of the problem despite the widespread worry, consensus has been difficult to build in order to tackle the issue effectively. However there are multiple solutions that have been floated that combine aspects from both paths with polls showing the potential for widespread support for a compromise plan. This fact gives some hope a settlement can be reached though much now depends depends on the ultimate direction today’s uncertain political winds will take. But, in any case, Social Security is most certainly safe… for now.
See Matthew Frankel, Will Social Security Last Until I Retire?, My San Antonio, March 19, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
