Social Security to See Payout Exceed Pay-In This Year

Home Forums Budgeting Social Security to See Payout Exceed Pay-In This Year

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    Sam Allgood

    According to Congress as reported in the NY Times on March 24th, we will begin this year to pay out more in Social Security benefits than we are taking in, exceeding previous projections by 6 years. Stephen C. Goss, chief actuary of the Social Security Administration, agrees with this latest analysis but says ‘the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual.’

    What kinds of changes will this bring about? Will Congress ‘take care of it’ by printing even more money or legislating some plan to put us more in debt. Will they defer eligibility for benefits again or cut benefits?
    Will you be making any adjustments in your retirement plans? Not that it was enough to be counted as anything of significance in a retirement plan, but it had been, until more recent times, something that we thought we could count on.
    Is it something that we can count on any longer? Do we really face the possibility of our government defaulting on its commitment to its senior citizens?
    With this failure to accurately project the needs and with the continuing financial failure and service shortfalls of the USPS, do we dare trust the federal government with our health care?

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