Experts are warning that the economic effect of 55 million Americans filing for jobless claims and other issue amid the coronavirus pandemic will make the country’s Social Security crisis even worse.
depend on Social Security benefits for retirement, according to statistics from the Social Security Administration, with the average benefit hovering around $1,500.
, depend on social security benefits for retirement, according to statistics from the Social Security Administration. Today, workers pay 6.2% of their taxable earnings up to $137,700 into the system. But as of 2035 onwards, beneficiaries who’ve consistently paid this amount are expected to receive only 76% of their scheduled benefits,Economists have said it’s unlikely that the government will have a reasonable solution anytime soon.
President Trump hasn’t outlined a specific proposal related to Social Security. The campaign has yet to respond to request for comment. “Both candidates say Social Security will be promised, but it gets wrapped up in a broader issue of borrowing,” he told Yahoo Money. “Because the government can borrow in 0% interest rates, the concerns about the deficit are pushed on the back burner.”
Earle alluded to how a weak dollar could prolong “sluggish” growth and thereby reduce the longevity of the Social Security program. His comment coincided with recent efforts by Democrats and RepublicansSo how will the government likely solve this depletion issue? There are a handful of options. “They can probably raise the 40 quarters to that of 60 or 80 quarters, which is kind of harsh,” he told Yahoo Money. “Otherwise you can push up the retirement age to receive full benefits.”Yahoo Money sister site Cashay has a weekly newsletter.
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