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While the recent release of the 2013 Social Security Trustees Report indicates that continuing Social Security Benefit payments may deplete the trust fund by 2033, the report details also provide information indicating the outlook may not be as bleak as many project it to be.
The details of the 2013 Social Security Trustees Report indicate that if nothing is done to pay Social Security forward during the next twenty years, retirees in 2033 can still expect to receive 77% of their Social Security Benefits. Again, this is true even if nothing is done to increase the amount in the Social Security fund. The report also indicates that by the end of this century, if we continue to do nothing to augment the Social Security fund, retirees can still expect to receive 73% of their Social Security benefits.
Granted, to many young people today, the possibility of only collecting 77% of their projected Social Security benefits is a major concern, especially considering cost of living increases during the next twenty years. However, this is vastly different from what many politicians are projecting when they state that no one will be able to receive any Social Security benefits because nothing will be left in the fund. They are not taking into account that current wage earners are continuing to pay into the fund, in addition to the fact that many retirees drawing Social Security benefits are paying additional taxes on those same benefits. This is because many baby boomers, while drawing Social Security benefits, are also continuing to work on increased incomes and pay taxes on their Social Security benefits.
Fiscally Responsible in Handling Social Security Funds
All things considered, our government still needs to take steps to be fiscally responsible without penalizing those who have paid and continue to pay taxes into the Social Security fund.
If you have additional questions about Social Security, feel free to contact us anytime at 877.526.3457. We have an experienced team of West Virginia Social Security experts, and one of our representatives will be happy to answer your questions. Or if you’d prefer to contact us online, please fill out this form and we will respond to you shortly.
Jan Dils, Attorneys at Law