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An Insolvency Reminder–The Clock Continues to Wind Down
Anyone following Social Security-related news this year and for the past several years is well aware of the program’s steadily declining financial situation. More and more folks are waking up to the possibility of legislative inattention to the problem and the potential for an across-the-board cut in benefits as early as 2033. According to the results of a recent Gallup Poll, “80% to 90% of retirees have noted that their monthly Social Security check is a “major” or “minor” income source. In other words, aging Americans would struggle to make ends meet without this social program.” That statistic puts the looming insolvency solidly in the category of a major problem for America’s seniors.
The Motley Fool’s Sean Williams, in a recent post on nasdaq.com, provides a timely recap of the insolvency problem, exploring the impact that inaction could have on retirees and the history leading up to where we are today. He closes with an analysis of the dilemma in Congress facing Social Security reform initiatives, namely the fundamental differences of opinion on the appropriate changes needed to stabilize the system for current and future generations. Read his post in full here.
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