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2 comments:
Conner-Spring Valley....
Here's the rundown on social security and the current affects our economy is having on it. Social security is a government run program that is used to financially assist those who don't have an adequate income or absolutely no income. In order to qualify to receive the benefits you need to establish credits, which is 40 credits or equivalent to ten years of work. So why would this be a pressing issue today? Well in order for social security to collect the income, it needs to take the wealth from somewhere. Where else, but the income tax you pay out when you are employed. The problem is the unemployment rate is substantially high, therefore when people retire the workers paying the benefits are outnumbered by the benefactors. So that tells me we either have many unemployed people looking for work and not enough jobs or a bunch of people that are receiving the benefits to easily and not looking.
1.Throughout its 80 year history, Social Security has collected about $19 trillion dollars and has paid out $16.1 trillion as of the end of 2015. Subtracting those two numbers shows that Social Security had over $2.8 trillion in reserves at that time.
2.If the same deposits and withdrawals continue, beginning in 2020, Social Security will need to tap into its reserves in order to meet its obligations to retirees, and this is expected to result in complete depletion of the trust fund in 2034.
3.Social Security is a self sustained government run system, you can be confident that your full retirement benefit will be there for as long as you need it.
In response to what Conner said # 3 is false because as stated in #2 Social Security will be depleted by 2034. The government has relied on Social Security for borrowing purposes and it has been stated by financial planners don't rely on Social Security for your sole income in your retirement years.
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