A Perspective on Social Security’s Looming Insolvency - Forbes

We’re well inside of a decade until Social Security’s accumulated reserves disappear completely. The nearly $2.9 trillion financial cushion that has been dissipating steadily for the past two years is expected to evaporate completely by 2033–and some project that point to be reached even earlier than that. While it seems likely that Congress will not take action toward a legislative solution this year, many folks are beginning to look ahead to what Social Security might face not too many years from now. It isn’t pretty.

Setting aside the media hype that tells us Social Security is headed for bankruptcy (which is simply not the case), it’s a reasonable exercise to focus on the reality of the situation as well as the most likely pathways that will emerge whenever Congress takes up action on the problem. A post by Forbes contributor Steve Vernon offers some help in understanding the possible directional changes for Social Security, as well as actions that could be taken to head off the financial trauma that many Americans would face with a program unable to meet its schedule of promised benefits.

Vernon concludes with an outline of actions folks can take right now, beginning with a call for readers to “Urge your Congressional representatives to find a solution, and the sooner the better.” Also, his wise suggestion to avoid letting concerns over insolvency influence claimants to file early for benefits is one that AMAC Foundation’s Social Security Advisory Service has espoused for years.

For anyone wanting a quick refresher on the Social Security insolvency matter, check out Vernon’s post here.

Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers