The Congressional Budget Office projects that Social Security will be tapped out by 2042. Good news for those currently receiving benefits (and who don’t anticipate being around in 2042) as they can be reassured there will be benefits for the next 31 years.
For everyone else, start increasing your retirement savings now, increase or purchase disability and life insurance, and/or get ready for some tax increases. You could also start playing the lottery 😉
We’ve got to decide how we can save social security. Or we could just let it run out and consider all that we are currently contributing to be a donation to widows, widowers, those with disabilities and the elderly.
Please share your ideas with your representatives and senators.
Below is a link the the Congressional Budget Office report: