Social Security is still making payments to retirees, and next year they each get a 1.6% raise. Troy Sharpe of Oak Harvest Financial Group says it should remain solvent for only another 15 years because things have changed since its inception in the 1940s. In 1945 we had 40 workers for every 1 retiree. Today we have about 2 and a half workers for every retiree.” We still have lots of workers --- just more retirees because we're living longer. And how long will social security last anyway? "Social Security is expected to be insolvent around 2035, but there are three things that can be done to increase the time the program will still be solvent. There has to be an increase in payroll taxes and the CAP on FICA taxes as well as upping the retirement age.”
Sharpe says there's a fly in the Social Security Raise coin. "Those who have Medicare Part B won't see any increase in their monthly direct deposit. In fact, the deposit will be lower. Your payment for your Medicare Part B benefits comes from your social security check. There will be an increase of 8% to pay for your Medicare Part B Benefits which will be deducted from your social security check.“
Sharpe reminds you Social Security was never meant to replace income, just to give you a supplement. So keep saving