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Thread: Covid and Social Security - not good

  1. #1

    Default 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

    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
    Tom
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  3. #2

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    Default 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

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  5. #3

    Default Re: Covid and Social Security - not good

    Interesting point
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Please do your own due diligence.

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  7. #4

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    Default 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.
    May the force be with us.

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  9. #5

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    Default 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?

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  11. #6

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    Default Re: Covid and Social Security - not good

    Quote Originally Posted by Bullitt View Post
    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)
    May the force be with us.

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  13. #7

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    Default Re: Covid and Social Security - not good

    Quote Originally Posted by Bullitt View Post
    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
    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

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