EP 948 Social Security’s Future is Still Not Secure

 

Social Security has been in the news lately because DOGE had a particular interest in finding waste, fraud and abuse in a system in which .05 percent of all funds are used to administer the program.  It appears they found none, despite initial reports that 150- year -olds were still on the rolls.  The more important news about Social Security is its inability to continue providing full benefits as of 2033, when absent Congressional action, those benefits would dip to 77 percent of what most recipients are now receiving.  Politically speaking, it’s inconceivable that this will happen.  However, given the fact that we have now three workers for every retiree, that ratio threatens the financial viability of the program, absent FICA tax increases, changes in vesting times, reducing benefits for future retirees or some combination thereof.  To discuss all things Social Security with us is Martha Shedden, President of the National Association of Registered Social Security Analysts (narssa.org or rssa.com).

Podcast: Play in new window | Download