Brett Arends’s ROI: This is what the Social Security crisis looks like

by | Sep 15, 2022 | Stock Market

Congress has fiddled while the Social Security trust fund has burned. Nothing has been done for years to rescue the finances of America’s retirement plan as it has hurtled towards D-Day: Depletion Day, when the trust fund runs out of money. D-Day is in 2035.

About one third of working age Americans over the age of 45 say they are now so worried about the system that they are planning to start taking benefits early, even at huge financial cost, just to make sure they don’t get cheated out of benefits by Congress. One third. That’s the number revealed in the latest 2022 U.S. Retirement Survey from Schroders, the investment bank. The number who plan to claim early to avoid getting cheated by Congress is actually slightly larger than the number who plan to claim early because they simply need the money. Read: Social Security is at a crossroads this election season — and older voters have enormous power This is a system that people have been paying into all their lives, at enormous personal financial cost, and which they have been repeatedly reassured was safe and sound. And now a third of workers over the age of 45 are afraid it won’t be there for them if they wait. Schroders doesn’t say, but the gloom among people even younger is probably worse still. The cost of claiming Social Security early is devastating. Some w …

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