Social Security is running dry by 2032
That retirement fund you've been paying into with every single paycheck? Yeah, the government just announced it’s going dry three months earlier than expected. Plan for late 2032.
The Social Security Administration just dropped its annual report, and the math is mathing in all the wrong directions. If nothing changes, the retirement fund will empty out in late 2032. Once the piggy bank is empty, the system will only be able to pay out 78% of promised benefits.
The government has a classic delay tactic up its sleeve: Congress could legally merge the retirement fund with the disability fund. That would buy everyone another two years, pushing the cliff to 2034. But doing that is essentially stealing from the disability fund—which is actually doing great for the next 75 years—just to put a temporary Band-Aid on retirement.
Working for forty years just to get a 22% discount on one's own retirement is certainly one way to reward a lifetime of labor.
Source: Social Security Administration
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