Friday, October 30, 2020

Investing Blog Roundup: Social Security — Becoming a Near-Term Problem

It’s no secret that Social Security is insufficiently funded. For as long as I’ve been dealing with personal finance, the Trustees (of the Old-Age and Survivors Insurance Trust Fund) have been putting out an annual report that the fund is expected to deplete somewhere around 2033, give or take a couple of years.

As Tara Siegel Bernard notes this week, the pandemic will have a negative effect on that projection as well, due to the reduced tax revenue this year (if a person is out of work, they aren’t paying payroll tax). The sooner we enact a solution, the less drastic the solution will have to be.

Other Recommended Reading

Thanks for reading!

What is the Best Age to Claim Social Security?

Read the answers to this question and several other Social Security questions in my latest book:
Social Security Made Simple: Social Security Retirement Benefits and Related Planning Topics Explained in 100 Pages or Less

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