The Truth Behind the Supposed Social Security Crisis
Here’s a slap for all of us who are worried about Social Security not being there for us. Baloney!
The coverage Social Security gets in the press is a disgrace. It’s up there with abortion and gun rights as a favorite topic to stir up emotions and scare people.
One of the ways to stoke some fear in readers is to quote the number of people who are – and who will be – eligible for Social Security Administration (SSA) benefits.
And those numbers are big!
There are 40 million retired persons in the U.S. now. That’s up from 3.1 million in 1900.
By 2050 – 32 years from now – that number will reach 83 million.
And right now, there are 46.8 million people age 65 and older receiving SSA benefits. I don’t understand the disparity between the number of retired persons and those receiving benefits… but that’s what is being released.
Now, for the average guy looking at these huge numbers, I know what he’s thinking: “Oh my God, how can this continue?”
Well, how about these apples?
Of those 40 million currently retired persons and the future 80-plus million, a large percentage of them vote. And none of them want their benefits to go away.
Score one for the gray-haired!
The 2032 date everyone quotes for when the trust fund will be depleted is so easy to fix.
I’ve used these numbers before: Contributing just $12 more per week per working person would fund the current benefits through 2099. In reality, the higher earners will pay more, so the lower end of the spectrum will get off for less.
Twelve dollars! You shouldn’t be upset about how many of us will be receiving benefits. You should be outraged that no one in Washington, D.C. – red or blue – is doing anything about it.
I don’t know which is worse… the press scaring folks to death or the bloodsuckers in D.C. doing nothing to fix it.
Do we need fixes? You bet. But the fixes are easy and they will be made.
Stop worrying and go hit the ball!
P.S. You shouldn’t have to rely on Social Security as your only source of income during retirement. Which is why my colleague Marc Lichtenfeld has come up with the perfect solution – an easy way to make an extra $1,038 per week in less than four hours. Click here to learn more.