Social Security Is Under Fire But It Is Here to Stay
(By - Jamie Hopkins, Forbes Contributor)
For the past few years, the Annual Social Security Trustee Report has effectively served as a yearly reminder to the American public of the grave funding issues threatening the solvency of the most important retirement income vehicle in the United States. The 2015 Annual Social Security Trustee Report is no different as it highlights the tremendous funding challenges that have been threatening the program since 2010, in which the total expenditures of the Social Security Disability Income program and the Social Security Old Age and Survivors Insurance program have exceeded the non-interest earnings income to the system. Because income from taxes is not sufficient to meet promised benefits, the eventual outcome is that both programs will run out of money and not be able to meet all of its promised benefits. Read more…
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