Will social security be around when I need it? This is a question that continues to come up. We all are paying into social security and we all wonder will we ever reap any of the benefits. Just like all big ponzi schemes come to an end at some point, social security may as well.
There are things that can be done to keep those guaranteed checks coming in when we decide to retire. Current social security funds, at are current rate are expected to be exhausted by 2033. Then retirees can expect to receive only about 75% of what was expected. A couple of changes that could happen would be an immediate tax increase of about 1.3% or a benefit reduction of over 16%. This would fix the immediate problem, but for only about 75 years.