None Too Secure (part 3)

I talked about Social Security’s woes back in January and August of last year (None Too Secure and None Too Secure (part 2)).

But it’s a whole lot worse now: “Social Security to See Payout Exceed Pay-In This Year.”

Key quote:

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.

It’s not quite clear when they’ll totally run out of money, I’ve seen 2035 and 2037, though I’m sure those’ll be revised soon.

Of course, I’ll reach my normal retirement age of 67 in 2043, much too late.


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