SS Trust Fund could go bust in 2029 due to COVID-19

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SS Trust Fund could go bust in 2029 due to COVID-19

Postby JohnSwanson » Sat Sep 05, 2020 10:04 am

I've been reading about SS eligible individuals who are retiring earlier than they planned on because they
lost their jobs due to COVID-19. In May, the official projection was that the trust fund will go bankrupt in
2034 and benefits will be reduced by 24%. However, according to this report, the trust fund will go bust
in 2029 and benefits will be reduced by 31%:

https://bipartisanpolicy.org/blog/covid ... is-decade/

Although I've been planning on starting SS at age 65, if this report is accurate, I'm seriously considering
starting at age 63 in February 2021. I compared my lifetime payouts of starting at 63 vs 65 and
it's pointless to wait until I'm 65! This dramatically changes my retirement plan because I've been keeping
my income low enough to get my full ACA health insurance subsidy, but my SS income makes me ineligible
for a subsidy.

FYI,
John
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Re: SS Trust Fund could go bust in 2029 due to COVID-19

Postby vernlarson@cox.net » Mon Sep 07, 2020 2:39 pm

Avaya Retirees

NRLN Postings - IN THE NEWS Articles on Social Security Funding. Links to 3 articles below.

https://thehill.com/policy/finance/5148 ... y-2031-cbo

Opinion: Social Security trust fund to run out by 2031: CBO
By Niv Elis; The Hill ~ Sep 02, 2020

https://www.forbes.com/sites/ebauer/202 ... 56e0b72f47
Opinion: Social Security Ending In 2023? No. But What Really Happens When The Trust Fund Is Emptied?
From Elizabeth Bauer; Forbes ~ Aug 27, 2020

https://thehill.com/policy/finance/5135 ... inistrator
Trump payroll plan would deplete Social Security by 2023: Administrator
By Niv Elis; The Hill ~ Aug 25, 2020

Regards, Vern Larson – President – Avaya Retirees Chapter of the NRLN - Vice President – Membership Development – Member of the Board of Directors of the NRLN
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Re: SS Trust Fund could go bust in 2029 due to COVID-19

Postby smh25 » Mon Sep 07, 2020 5:29 pm

Scare tactics. They always pop up at elections to try to scare people from voting for Republicans (which I am not).
Emotional thinking is the cause of most of our country's problems - don't give in to it. We oldsters are the biggest, most reliable voting block, and no way are they going to reduce benefits.

Where both parties are really tubing the elderly is with the inflation rate (i.e. reducing the purchasing power of the dollar), and this inflation (dollar value reduction) is currently running at 10%/year. (see Shadowstats.com for the real inflation rate as calculated through the Carter presidency) In 4 plus years, whatever income/assets you have will only buy half of what they buy right now. THAT'S the problem. Not this ginned up excuse to scare people.

Trying to be rational in an irrational world is a difficult task. But given the number of engineers that read this post, there is still hope.
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