Social Security – History and Future
COLA increases in the early years were from 8% to 14%, compared to recent years which have seen relatively meager, or even zero, increases. And even with today’s increased life expectancy, many people won’t receive as much in total benefits as they paid into the program over their lifetime. So will Social Security be there for you? Well, the program already pays out more than it receives in payroll taxes and the latest projections show the trust fund being depleted by about 2034, only 18 years away. This means that Congress will need to take action soon to keep Social Security solvent. This AP article posted at Madison.com gives an easy to understand graphic synopsis of Social Security’s past, present and future. Click here to read more.
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