Seven in 10 working Americans are worried about future Social Security benefits, a new Bankrate survey shows.
FILE - In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021, in Washington, D.C.
“Perhaps the best way to explain what the Social Security trust fund is, is by explaining what it isn't,” Boccia said. “And that is a trust fund.” The Social Security Administration’s legal borrowing authority is going to run out in 2033. That’s what folks think of as the trust fund becoming exhausted.
The government has been shuffling deck chairs around in order to maintain Social Security benefit levels for the last 14 years, Boccia said.Shifting demographics are a big problem for Social Security, Boccia said.In the 1950s, we had 16 workers paying taxes for every one beneficiary of Social Security, Boccia said. Now, there are just 2.7 workers paying taxes to cover the costs of supporting a Social Security beneficiary.
Index initial benefits to prices instead of wages, she said. And that change alone would close about 80% of the current funding shortfall.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Americans worried about Social Security's future; expert clears up myths, suggests reformsSeven in 10 working Americans are worried about future Social Security benefits, a new Bankrate survey shows.
Read more »
Americans worried about Social Security's future; expert clears up myths, suggests reformsSeven in 10 working Americans are worried about future Social Security benefits, a new Bankrate survey shows.
Read more »
Kamala Harris Has a Plan for Home Care—and FDR Would Love It!Nancy J. Altman is president of Social Security Works and chair of the Strengthen Social Security coalition. She has a 40-year background in the areas of Social Security and private pensions. Her latest book is 'The Truth About Social Security: The Founders' Words Refute Revisionist History, Zombie Lies, and Common Misunderstandings' (2018).
Read more »
Social security recipients will see an increase in 2025 — and an extra check in NovemberWhile millions of retired Americans will soon see a 2.5% cost of living increase in their Social Security payments, additional Social Security checks might be…
Read more »
Jana Riess: Seven ways Americans who leave religion are basically pretty boringTwo sociologists discuss their new book, “Goodbye Religion: The Causes and Consequences of Secularization,' on why Americans leave a faith.
Read more »
Report: About 20% of Americans regularly get their news from influencers on social mediaMost of them - 63% - are men and the majority - 77% - have no affiliation, or background, with a media organization.
Read more »