Social Security Trust Fund Countdown — Fixes, Fallout, and Your Future

Gary Koenig of the Urban Institute breaks down Social Security’s solvency challenges, what lawmakers tin larn from past fixes (1977 & 1983), and applicable argumentation ideas to fortify status information — from expanding sum and exigency savings to boosting beingness income done delayed claiming, annuities, and supplemental modulation accounts. Watch for wide explanations of the hard trade-offs up and wherefore enactment earlier the spot money exhaustion matters.

Jeffrey Snyder, Broadcast Retirement Network

Joining maine now, Gary Koenig is an autarkic advisor and non-resident chap astatine the Urban Institute. Gary, it's ever large to spot you.

Thanks for joining america successful the programme this morning.

Gary Koenig, Independent Consultant & Non Resident Fellow, Urban Institute

I truly admit you having maine on.

Jeffrey Snyder, Broadcast Retirement Network

And there's a batch to dive into. We're going to speech astir status policy. I thought though, Gary, it's travel up truthful galore times successful the mainstream press, societal security, the spot fund, we request reform, it's going to spell bankrupt, they're going to chopped benefits.

Where bash things basal contiguous and what are immoderate of the proposals to hole societal security?

Gary Koenig, Independent Consultant & Non Resident Fellow, Urban Institute

So arsenic you know, societal information has fiscal challenges and this is thing new. This has been known for decades and Congress has not acted. This should not astonishment anybody.

I mean, spot money has grown due to the fact that of surpluses for galore years. Those surpluses stopped successful 2010 and determination hasn't truly been an inducement for Congress to enactment due to the fact that thing to code societal information is going to necessitate immoderate symptom connected immoderate groups, whether it beryllium taxation increases oregon payment cuts. There truly is nary different mode astir it.

Those are the 2 options oregon immoderate premix betwixt the two. Where the societal information trustees study came retired past twelvemonth is they accidental that connected a combined basis, the spot funds volition beryllium exhausted successful 2034. That's apt to beryllium accelerated, I'm guessing, erstwhile they travel retired with their caller trustees study successful the weeks ahead.

So things are challenging. I fishy that what's going to hap is Congress is going to footwear the tin down the roadworthy arsenic agelong arsenic they perchance can. We'll apt spot immoderate enactment erstwhile we get to the constituent wherever we're months distant from having benefits really cut.

Jeffrey Snyder, Broadcast Retirement Network

I've been speechmaking a batch of the, not the instrumentality oregon the legislation, but immoderate of the proposals. There's a batch of symptom to spell around, truthful there's not 1 group. I benignant of consciousness similar you're benignant of saying that the Congress oregon the lawmakers and policymakers are successful this robust maiden wherever they crook 1 way, they get pulled.