Social Security funds could be depleted by 2035

The predictions saying Social Security will run out of money are back in the news again.

The projections now say Social Security's funds will be depleted by 2035. Merrill Matthews with the Institute for Policy Innovation told KTRH there's a political motive behind these warnings.

“They want to raise taxes on Social Security so that more money is coming in. That’s not going to fix the problem. In fact it will probably make the problem much worse,” Matthews said.

More people depend on Social Security because there are no pensions anymore, but Matthews also says people are also living beyond their means.

“People are living longer. They want to be able to stay active and productive. Many people who are past retirement age would like to bring in some extra income,” Matthews explained.

By 2035, the Social Security and Medicare trustees report says only 80 percent of benefits will be payable.

SS checks

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