A March 2023 survey found that more than 90% of Americans worry about the Social Security program, and about half of those said they worry a great deal.
1 A separate survey the same month found that more than 80% of Americans worry Medicare will not be able to provide the same level of benefits in the future.
2
These concerns are well-founded, because both of these programs — the cornerstones of "America's Safety Net" — face serious fiscal challenges that require Congressional action. And the longer Congress waits to act, the more extreme the solutions will have to be. Even so, it's important to keep in mind that neither of these programs is in danger of collapsing completely. The question is what type of changes will be required to rescue them.
With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern. Social Security isn't in danger of going broke — it's financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. As a Fortune 500 employee potentially qualified to receive these benefits, it is imperative to keep track of policy changes and reductions.
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posted in Financial Planning, Social Security, Health
Social Security is a pay-as-you-go system, which means today's workers are paying taxes for the benefits received by today's retirees. However, demographic trends in your area such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges. There are simply not enough U.S. workers to support the growing number of beneficiaries. Social Security is not in danger of collapsing, but the clock is ticking on the program's ability to pay full benefits.
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posted in Social Security
In a recent survey, 68% of current workers stated they plan to work for pay after retiring.1
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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Social Security
