Social security

1. Your daughter in law should cite her sources

2.  I’d gently suggest you tap on the 3 dots to the right and edit your post to take out your email on this public forum.

IT is NOT True - Rest peacefully - the Trust Fund is in financial hardship but that’s been going on for a very long time - At least 10 years or more.  Lots of reasons for it - we are living longer and gettin benefits longer and there are not as many workers paying into the system because of technology - it takes less employees to do a job today - so a combination of these things has made the Trust Fund a bit off -balanced - 

This does need to be corrected before around 2032 or there about.  Most likely it will be a mixture of changes - bringing in more revenues and reducing benefits - but by reducing benefits, I don’t mean the amount that one is getting as a benefit - what I mean by reducing benefits is doing things like increasing the full retirement age to 70.  

I wouldn’t worry - Congress has to be the ones that make the changes and they have been fighting about this for many years and they will probably do what they always do - correct it at the last minute.

However, the Social Security law does have a fail safe built into it - IF we reach the point where we have NO reserve and there is not enough money coming in from revenue sources (withholding taxes, taxes on benefits, interest on the reserve ) then everybody’s check will be cut by about 20 - 25% in order to pay out all benefits - that’s how it will happen but not until sometimes down the road - 2032 or after.