Will Social Security Be There For Me?


It seems as though anyone who has thought about their income in retirement has asked whether Social Security will be around after they retire. I think there are three important points in regard to this question.

First, there are several options for fixing the system. This article http://www.bloomberg.com/graphics/2016-saving-social-security/ provides an excellent layout of the available options and is worth the read.

Second, as mentioned in the link above, this is not the first time that Social Security has faced a bleak future. To address the previous predicament, President Reagan and Congress raised the retirement age from 65 to 66 – and to 67 for even younger people at the time. They also raised taxes, and reduced cost-of-living adjustments.

Third, in previous Congressional discussions about whom changes to the program would affect, the age of 55 has been the threshold. So, if you are over the age of 55 at the time changes are finally made, you are likely to face fewer changes as we know the system now, than those who are less than age 55.