People need to be reminded again-- There is no money in the SS fund, there are only IOU'S due to the fact that our elected officals have stolen the money instead of wisely investing it. Oh wait our elected officals and the word wisely cannot be linked togeather. Enough said, sigh.
The system would have gone broke even if they had invested the money wisely. The system is unsustainable the way it is structured. In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits. Today there are 3.3. By 2030, there will be only 2. In 2017 we will be paying out more in SS benefits than the SS taxes coming in, which will require more borrowing to honor the non-market T-Bills (IOUs) in the SSTF.
Today, 48 million Americans receive Social Security benefits, including 33 million retirees, 7 million survivors, and 8 million disabled workers. By 2030, there will be 70 million Americans of retirement age--twice as many as today.