You work hard, pay into Social Security...but guess what? You'll likely never see that money again unless something drastic is done soon.
The alarm has been sounding for years and years and years about the Social Security Fund running out. This is not new news. But the situation appears to be dire.
The nonpartisan Congressional Budget Office calculates that this year alone Social Security will collect 45 billion dollars less in payroll taxes than it pays out in benefits. The CBO says the fund will continue to operate in deficit each year until it's drained. That will happen in a mere 26-years...probably about the time I can retire!
Social Security was of course never intended to be the sole income for a retired person. But it is money all working people pay, and in theory, they are expecting it to be there for them to supplement any other retirement funds, or even be their only source of money in their golden years.
So what can and should be done about all of this? With all of the issues facing our country today, where do you put this one in terms of importance? Do you think lawmakers are adequately addressing it? Will this make retirement impossible for you? Do you even care?
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