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Social Security's Problems: Simple Math, Difficult Politics
It’s widely accepted that resolving Social Security’s long-term financial shortfall will require increasing revenue, decreasing benefits, or a combination of both. That statement, of course, is nothing new…it’s been kicked around for years. Now though, the proximity of the 2032 insolvency cliff is causing many to focus on what legislators will be compelled to examine within the next few years, and the longer it takes to hammer out a course of action, the more difficult (read that as “painful”) the fixes will likely be.
A post by Morningstar contributor Mark Miller today discusses the potential paths lawmakers will consider as the insolvency date approaches. Miller’s post covers the causes and implications of insolvency, as well as ideas likely to be on the table. He also downplays the likelihood of benefit cuts, suggesting they “make little sense at a time when surveys show that a very high percentage of Americans are worried about their ability to maintain their standard of living in retirement. Read the full Morningstar post here.
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