Will Social Security Still Be There When You Retire?
The trustees of the Social Security trust fund report each year on the current and projected financial status of the program. In recent years, the analyses have not been encouraging, prompting concern among many that Social Security will not be a viable retirement income stream. While there is good reason for this uncertainty, it is important to understand the full picture before writing off Social Security benefits altogether. Social Security was never intended to be the sole source of an individual’s retirement funding. When originally created in 1935 as part of as President Franklin D. Roosevelt’s New Deal, Social Security benefits were designed to be used in combination with a retiree’s pensions and other retirement savings. The basic structure of Social Security, however, is problematic. Read more…