Social Security…..Americans should save more

by Laura Ehrenberg-Chesler on April 23, 2019

in lifestyle,retirement,taxes,Uncategorized,United States of America

From today’s WSJ:

“The Social Security program’s costs will exceed its income in 2020 for the first time since 1982—two years later than officials projected last year—forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.

But by 2035, those reserves will be depleted and Social Security will no longer be able to pay its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Monday.

“Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing,” the trustees wrote, urging lawmakers to take action sooner rather than later to give policy makers enough time to phase in changes and shore up the programs.

Social Security consists of two programs, one for retirees and one for people who claim disability benefits. Taken separately, the retirement program will be able to pay full benefits on a timely basis until 2034, unchanged from last year’s report.”

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