Covid and Social Security - not good
Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says
Quote:
The Social Security trust fund most Americans rely on for their retirement will run out of money in 12 years, one year sooner than expected, according to an annual government report.
The circumstances, which were exacerbated by the Covid pandemic, threaten to shrink retirement payments and increase health-care costs for Americans in old age sooner than expected.
The financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year.
https://www.cnbc.com/2021/08/31/soci...-expected.html
Re: Covid and Social Security - not good
Long term it's doomed and will need intervention, but I wonder if COVID deaths will affect the balance in a positive way if a majority of those who died were possibly already collecting.
https://www.cdc.gov/nchs/nvss/vsrr/c....htm#SexAndAge
Re: Covid and Social Security - not good
Re: Covid and Social Security - not good
Well 12 years will put us in our early 80's. I guess we will try not to touch our 401k and TSP until then. At least we have a backup plan.
Re: Covid and Social Security - not good
Why is it that social security is always the topic of going bankrupt when workers and employers pay into it, but free college programs, food stamps, welfare, rent assistance and free cell phones are never underfunded?
Re: Covid and Social Security - not good
Quote:
Originally Posted by
Bullitt
Why is it that social security is always the topic of going bankrupt when workers and employers pay into it, but free college programs, food stamps, welfare, rent assistance and free cell phones are never underfunded?
Probably because Congress has messed with it, more folks are collecting SS then those paying into it and in your younger years of paying into SS regardless of your retirement income after 62 you can still collect SS.
Can You Collect Social Security and a Pension at the Same Time? (aarp.org)
Re: Covid and Social Security - not good
Quote:
Originally Posted by
Bullitt
You may be right...it could extend their projections out since those over 18 that paid in adds extra $$$ and the projected outlays for those within 15 years of retirement and those currently getting SS will be significantly reduced. You also need to factor in the deaths from. the Emergency Use Authorized vaccines in VAERS. I do think based on CDC's mandated protocols that they are trying to kill us :angryfire:
