Post #320 by AdrianC on the Retirement Investing board

Personal Finance Topics / Retirement Investing ❤

Unthreaded | Threaded | Whole Thread (9)

Post New | Post Reply | Report Post | Recommend It!

No. of Recommendations: 4

The clock is ticking to fix Social Security as retirees face automatic cut in 9 years
https://www.npr.org/2024/05/06/1249406440/social-s...

The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.

There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago.
...
Medicare's finances have also improved somewhat in the last year, thanks to a strong economy and lower-than-expected spending. Still, the program which provides health care for nearly 67 million people, is expected to face its own cash crunch in 2036.

One wonders if a pandemic that killed over 1 million mainly older people played a part...

Got my SS statement last week. If I pay no more in, at full retirement age I'll be due $42k/year. Or not, per the above.

Raising the FICA cap seems like a pretty straightforward move towards increased funding. I'll wager many folks don't even know there is a FICA cap.

https://www.investopedia.com/ask/answers/081514/wh...

Post New | Post Reply | Report Post | Recommend It!

Print the post

Unthreaded | Threaded | Whole Thread (9)

Prev | Next

Announcements

Retirement Investing FAQ

Contact Shrewd'm
Contact the developer of these message boards.

A community forum supporting civilized, and highly helpful, self-educating investors that come together for Shrewdness and merry spirits. These message boards closely follow the look and feel of the old message boards at boards.fool.com prior to the boards redirected to discussion.fool.com. Shrewd'm is not affiliated with the comprehensive and excellent investment website, The Motley Fool (TMF), in any way. The Shrewd commmunity here has owed, and continues to owe, gratitude to The Motley Fool for nurturing a culture of jovial irreverence towards Wall St, and that tradition will continue here.