Social Security is failing. Social Security is out of Money. Social Security is easily scammed to get disability benefits. Social Security pays people who don’t deserve benefits. What do all these comments have in common? The main thing they have in common is that these comments are largely false.
We hear a lot of dooms-day proclamations when it comes to Social Security, especially the fact that Social Security is running out of money, but we rarely hear good things. It is time that changes a bit.
A nice piece by The Motley Fool titled “The death of Social Security has been greatly exaggerated” explains that while yes Social Security faces financial challenges especially since 100 percent of current funding will not be possible within 15 to 20 years things are no as bad as some make it out to be. Claims that Social Security won’t be around at all for younger people are just completely wrong.
This year, next year and even the year beyond Social Security will actually take in more money than it pays out, something few people understand. And, the depletion of the trust fund, where Social Security will be unable to meet 100 percent of current payouts is not expected to occur until 2034. Even at that point if there are no changes made to the current system 79 percent of current obligations will be able to be met. It is understandable that Social Security recipients can’t afford a 21 percent cut in wages, but there is still plenty of time for Congress to get its act together and solve the problem. There are several solutions to the problem without reducing Social Security benefits as some would advocate that most Americans would approve of because it would not impact them. So, the next time you hear Social Security is going bankrupt, don’t believe it.
