Will Social Security be Solvent When You Want to Retire?

Retirement and Social Security Funds -- 
the last two funds that are solvent. 

Unless Congress Acts Soon, Social Security Trust Funds will be Exhausted by 2042

By Sharon O'Brien

The Board of Trustees of the Social Security Trust Funds provides an annual report to Congress, which is available to all Americans.

This report provides detailed information about the current status of the funds, their projected condition over the next 75 years, and how long Social Security will be solvent.

Social Security In Jeopardy

The news from the 2004 report isn’t good. Social Security is running out of money, fast.

According to the trustees report, Social Security cannot continue to offer the same benefits over the long term unless Congress:

    * Increases Social Security taxes
    * Changes the way the program is financed
    * Significantly alters eligibility requirements

The reason is simple: the number of people paying into the program is shrinking while the number of people eligible to receive benefits is growing rapidly.

No Risk for Current Retirees

“I want to assure those already receiving Social Security benefits, as well as those who are close to retirement, that your benefits are secure,” says Jo Anne Barnhart, Commissioner of Social Security. “Reaching agreement on an appropriate solution to Social Security’s long-term financing challenges will require Congress and the President working together in a bipartisan manner.”

Yeah. That’ll happen.

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