When most people get their social security statement, they flip directly to page 2, to see how much they’ll get. The good stuff is really on page 1, however. Here are some quotes from my 2011 statement:
“…the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today’s younger workers are ready for retirement.
“In 2016 we will begin paying more benefits than we collect in taxes. Without changes, by 2037 the Social Security Trust Fund will be exhausted…”
Actually, we’ve already crossed that Rubicon. Social Security is paying out more than it takes in. And a recent report from Social Security says the Trust Fund will be exhausted a year sooner.
If you’re not disturbed yet, an article in today’s USA Today states that our governments total unfunded liabilities, including social security, medicare, and government pensions amounts to $61.6 trillion. That’s $534,000 per household.
I don’t know about you, but I’m not prepared to pay that.