Social security

[nikisgizmo]

My daughter in law says she heard that Social security is going to cut our checks by 70% this year and that Trump is going to cancel it with in a couple of years. I want to know if this is a possibility or not. I can't live with out my check. Please let me know if this is true.

Thank you 

Sharon

sharonstartrek@aol.com

[GailL1]

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.

[SereneSeagull]

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.

[GailL1]

@SereneSeagull 

The clickbaiters are in rare form these days.

[TRL1111]

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@GailL1 wrote:

The clickbaiters are in rare form these days.

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They wouldn't bait if people didn't click. 

Honestly, I weep for mankind.  The good news is that our extinction will put us out of our misery.