Social Security Trustees 2021 Update #65
How are you feeling about the future of Social Security? Do you feel confident that the program will be there for you and your family as you enter retirement? Have you been reading rumblings about the program going broke in just a decade or so? If you want to know what is going on with the Social Security program, you’ve come to the right place! On this episode, we’ll take a look at the 2021 Social Security Trustees report and what it means for the future of the valuable public program.
You will want to hear this episode if you are interested in...
Understanding the Social Security Trustees 2021 report [0:50]
Some proposed solutions for “Fixing” Social Security [3:30]
Why the Social Security program needs to be addressed [7:30]
Closing thoughts [9:00]
The status of Social Security
When you think of retirement, you think of social security - for many Americans, this is just a matter of fact. But can you really count on Social Security to be there when the time comes for you and your family? Recently, the SSA released an Annual Trustees Report for 2021- these reports provide estimates of the financial status of the program. From the report;
“Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing. Both programs will experience cost growth substantially in excess of GDP growth through the mid-2030s due to rapid population aging….the data and projections presented include the Trustees' best estimates of the effects of the COVID-19 pandemic and the 2020 recession, which were not reflected in last year's reports. The finances of both programs have been significantly affected by the pandemic and the recession of 2020.”
While the report does strike a sober note, it doesn’t really tell us anything new. The program has been in need of a substantial fix for a long time, the impact of COVID-19 has only exasperated what was already present. Yes, there are some important things that need to be addressed when it comes to Social Security but I don’t think it is time to panic, there are some smart people with good solutions out there.
Join me on this episode as we expand on some other important findings in the annual report and so much more, you don’t want to miss it!