Free Republic

“The Social Security Administration recently gave us their annual report with a few blockbuster footnotes. We all know that Social Security as it is currently constructed will run out of money in the early 2030s. Social Security’s cost has exceeded its non-interest income since 2010. Since then, payments have been made out of the so-called trust fund. Except the trust fund does not hold cash. The money was borrowed by the rest of the federal government to cover other spending, and the government now owes it back.”

According to data contained in the latest trustees report, the main retirement fund for Social Security is now projected to run off in the fourth quarter of 2032, which is a date in the not-so-distant future, which stresses the need for younger folks like millennials and subsequent generations to start focusing on building a retirement nest egg on their own. The 2026 Social Security Trustees Report revealed that the Old-Age and Survivors Insurance Trust Fund, which doles out retirement and survivor benefits, will be completely depleted in the last quarter of 2032. When that happens, the program would still be...