How Broke is Social Security?
According to the 2014 annual report from the Social Security Board of Trustees on the financial status of the program, without policy changes, the combined Social Security trust funds will become depleted and unable to pay scheduled benefits in full on a timely basis in 2033. After that, Social Security could pay about three-fourths of scheduled benefits through 2089. The year that funds fall short varies somewhat in each annual report depending on economic, demographic and other variables, according to the Center on Budget and Policy Priorities, but it has ranged between 2029 and 2042 for the past two decades.
2033 is the year that Social Security benefits will be depleted – if no changes are made. What does this mean for you? Well, it certainly depends on your age, but Social Security was never supposed to be a total retirement plan.
This is one of the reasons I am writing and collecting for retirementNEXT. We need to take control of our own retirement. Through living right, making and executing a plan and making the right choices, we can all retire happy! So when will Social Security go bust? Hopefully after you have your plan together.
Its never ever too late to start anew…..