There are more than 40 million Americans who receive monthly benefits payments from Social Security. This article discusses a growing concern that Social Security may be facing some financial difficulties in the future, and this would be devastating for the many Americans who depend on the program. “Based on the latest estimates from the Board of Trustees, Social Security’s Old-Age, Survivors and Disability Trust (OASDI) is slated to burn through its excess cash reserves by 2034.” This column tries to explain some of the reasons why Social Security is burning through its cash reserves. Lawmakers will need to be proactive about tackling the issues that this article discusses before major problems arise. People who are planning for their retirement will also need to factor the possibility of major Social Security policy changes into their estate planning.
See Sean Williams, This Scary Social Security Trend Can’t Be Ignored Any Longer, Fox Business, May 1, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
