Study: These social-security benefits are going to run dry in two decades
It’s no surprise social security is in trouble but the severity of the situation can’t be stressed enough: The well that is social security benefits – specifically, old-age, survivors’ and social-security disability insurance benefits – is going to run dry within two decades if Congress doesn’t step in and take action.
Social Security’s programs are in deep trouble. According to the just-released 2016 report of the Board of Trustees for the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, both programs’ trust funds will be depleted in the near future—old-age and survivors insurance in 2035 and disability insurance in 2023.
Should Congress neglect Social Security reform until the trust funds are fully depleted, the Social Security Administration would only be authorized to pay those benefits that could be financed from payroll taxes alone.
Disability insurance beneficiaries would face an 11 percent cut in benefits beginning in 2023, and old-age and survivors insurance beneficiaries would see their benefits cut by 23 percent beginning in 2035 (see page 66 of the trustees’ report).
It’s time for Congress to get our country’s financial house in order. The nation is hemorrhaging money we don’t have. Click here to help Tea Party Patriots urge lawmakers to adopt a commonsense spending plan that will balance our budget within five years!