Quote:
Originally posted by hoosier
Three months before your birthday, you should receive a statement from the SSA listing your recent earnings history and your estimated benefits. On the front page of the current statement,_you'll read the following:
Without changes, by 2042 the Social Security Trust Fund will be exhausted. By then, the number of Americans 65 or older is expected to have doubled. There won't be enough younger people working to pay all of the benefits owed to those who are retiring. At that point, there will be enough money to pay only about 73 cents for each dollar of scheduled benefits.
Even without changes, you'll still receive approximately three-fourths of your scheduled benefit. That stinks for those of us who will be in retirement by then, but it's not as gloomy-and-doomy as we are often led to believe. As long as there are workers paying FICA taxes, the program will have money.
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Is this a new thing, the Social Security Administration statement? I have never gotten one before, but I received one a couple weeks ago in the mail. Just curious, because I throw out a lot of mail and would have noticed the return address on an envelope like this.