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I'm your age and don't think it'll disappear entirely though it may not payout exactly what was promised. Summer are saying it'll pay 75% but who really knows.
Since it's funded by current payroll taxes it won't completely disappear.
It is such a part of American culture it isn’t going anywhere …in fact you can bet any short falls will be filled in the 11th hour like everything else our govt does.
There may be some changes but overall it isn’t going to change a lot
I remember when I was in my early 20s and the old guys at the glass bottle factory were laughing (these old guys were those born from about 1910 to about 1930) that they were going to collect so much Social Security there wouldn't be any left for us young guys.
I'm now 67 and have been collecting for five years.
I won't be going away. Too many people totally depend on it as their only source of retirement income. The economy would collapse if it abruptly ended. Any changes implemented will be made decades ahead of when those affected are scheduled to collect with alternative mandatory systems phased in to provide minimal retirement income.
According to CNBC Social security will run out by 2035. Some sources say that with lower employment currently that could cut the date to 2028. At that time benefits will be paid out at 79% of their current rate unless there is some other action taken.
According to CNBC Social security will run out by 2035. Some sources say that with lower employment currently that could cut the date to 2028. At that time benefits will be paid out at 79% of their current rate unless there is some other action taken.
So worst case figure on 79% of your benefit.
Lower employment? Maybe during the last recession but we're heading right now (maybe if supply chains get sorted) to record employment just like right before the Covid madness.
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