I've been thinking about a fact that is thrown around a lot in the Social Security debate but that really doesn't mean very much in and of itself. The gist of the fact is:
In 2042 (or 2052 depending on the source) the Social SecurityTrust Fund will be exhausted and retirees will only get 70+ percent of scheduled benefits.
That is the fact, but what does 70+ percent of scheduled benefits really mean? How much is that in real dollars?
As it turns out, if ABSOLUTLEY NOTHING IS DONE with respect to SS, "While trust fund insolvency would lead to large percentage reductions in scheduled benefits, real benefit levels for average retirees would remain as high as or higher than benefits paid to average retirees today."
Did you get that? "[R]eal benefit levels for average retirees would remain as high or higher than benefits paid to average retirees."
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