A crisis is headed our way in Social Security Insurance. For years, we’ve been hearing that the Social Security Trust Fund would run out of money. The recent economic recession only worsened the outlook for Social Security Insurance.
According to current projections by the trustees responsible for the Social Security Trust Fund, the Social Security program will begin to pay out more benefits than in collects in taxes beginning in the year 2016. And by 2037, the Social Security Trust Fund will be insolvent, and will be unable to pay full benefits to retirees.
There are no easy solutions to the Social Security Insurance crisis. One thing is clear, however. Each year that goes by without taking action to solve the problem will only make the solution more painful when the time comes.
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