It seems many still harbor, or want to perpetuate, the illusion that our Social Security system is not in trouble.
Let me quote here from a press release from the Social Security Administration released March 31, 2023:
The Social Security Board of Trustees today released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 80% of benefits payable at that time.
In 2034, per the report, “if Congress does not act before then … there would be sufficient income coming in to pay 80% of scheduled benefits.”
It couldn’t be clearer. In 10 years, with no action from Congress, everyone will begin receiving 80% of what they are currently…
