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Cheery Xmas News: You Ain’t Gonna Retire as Early As You Thought You Were December 23, 2016

Posted by geoff in News.
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Two days ago the Congressional Budget Office released its analysis of future Social Security revenues and spending. Here’s their projection:

cbosocialsecurityprojection

The good news is that you can set aside all those mailings from retirement villages: I don’t think we’re going to have to worry about retiring for quite some time. As of 2029 all reserves will be exhausted and benefits will have to be reduced by 29% to make outlays match revenues.

Don’t believe me? Here’s what the CBO said:

Under current law, CBO projects, Social Security’s trust funds, considered together, will be exhausted in 2029. In that case, benefits in 2030 would need to be reduced by 29 percent from the scheduled amounts.

Having adamantly opposed social security reform efforts, I’m sure that the Democrats will be only too happy to propose a 40% tax increase for social security. That would mean that both you and your employer would be taxed at 10.5%.

Makes me long for the Bush plan.

Comments»

1. lauraw - December 23, 2016

Hey, but at least we won’t have our SS money in that Risky Free Market!


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