Social Security Trust Funds Could Go Dry in 2034

posted by Newsradio 740 KTRH - 

Will Social Security stay solvent? Can someone in their late 40s or early 50s expect it to be available to them? 

The program doesn't have unlimited resources, experts warn.

They say Millennials shouldn’t count on getting 100 percent of their benefits unless there’s reform – and that legislators need to pay attention to the program.

The gap between what's being paid in versus what's going out is growing wider and wider.

Trustees of Social Security says its two trust funds will be depleted in 2034. That's because the drawdowns go far deeper than they did in the past – the main reason fiscal-minded critics say the time for reform is now.

A new report says future retirees won't stop receiving benefits altogether, but if the program relies on tax income for the payouts, people will only get about three-quarters of what they're owed.

 

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