07/01/2025
When we hear the words "Social Security", we often think of older people, but that view is not accurate. Social Security is a program for everyone, not just older people. Social Security was put in place to ensure all working people can count on at least modest financial security when they reach their later years.
In just 8 years (2033), Social Security is going to run out of money and benefits will be cut. The system isn't running out of money because it doesn't work, it's running low because Congress has failed to keep the system funded. Social Security is funded by taxes on wages, however, not all wage earners are taxed. Higher incomes are exempted from SS taxes. Social Security is just like private retirement plans (401k, 403b, pensions plans, etc...). They are funded by workers and employers, and if they aren't properly funded, they run out of money.
Social Security's projected shortfall has been known about for years but Congress has failed to ensure the system is properly funded.
No matter how old you are now, if you work, Social Security is for you. If you are currently young, you pay into the system now to ensure it will be there for you when you are older.
It can sometimes be hard to imagine what you will want 10, 20 or 30 years in the future, but I can promise you one thing; no matter who, you will be damn thankful to have financial security in your future. Social Security will help you have that financial security, don't ever let anyone take that from you!
The Social Security Board of Trustees said last week that the program’s combined trust funds will run out of money in 2034 — one year earlier than was projected in 2024.
