Why the Real Social Security Crisis Will Start in 2020
Social Security has a substantial funding gap. According to its trustees’ best projections. its Disability Insurance Trust Fund will run out of money next year. Its Old-Age and Survivors Trust Fund will empty in 2034. If those two trust funds are considered together, they would be empty by 2033. If nothing is done legislatively to fix the funding gaps, benefits will be cut to a level that can be covered by the program’s tax revenue, with total benefits dropping in the neighborhood of 23%. Those years are crucial to recipients depending on Social Security. But a different year will likely mark the true start of the Social Security funding crisis: 2020…Read More
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.