Planning with Dollars and Sense – I’ve Paid in All My Life…Will Social Security Be There When I Retire?
Most people don’t know how long they will live. Most people don’t know if and when they will run out of money. We are being told that the Social Security Trust Fund has $2 Trillion dollars in it and will run surpluses for the next 14 years and grow to $4.3 Trillion by the end of 2023. Really? I believe that Social Security is currently paying out more than it takes in and what goes out of our paychecks today goes straight into the hands of the current recipients. Yes, there may be $2 Trillion in the trust fund, but, it consists of Treasury Bonds, so actually the Government is lending to itself. Economics 101 says that will not work over the long term. Join my discussion this week on what the retirement benefits are, when can you claim benefits, and what the future holds. This show is Part 1 of my discussion on the retirement benefit, Part 2 will look at the Disability and Survivorship benefits. For more information go to the Social Security Website.