The fact is you earned your benefits by meeting eligibility requirements in the law. You did not pay for your benefits.
Many people who are collecting benefits paid nothing for them. Others through their and their employers taxes contributed to the Social Security trust, but that money paid for benefits of people in the previous generation and at one time excess tax revenue was put into the reserve. No more.
However, if everyone had actually paid for their benefits, the trust would not be running out of money and simply through interest would be growing, not declining to zero.
You are indeed entitled to Social Security, there is a 1935 federal law that says so. So entitlement is not a dirty word. But the taxes workers contribute and have contributed in recent years are insufficient to keep the program going as it currently exists. That is, pay 100% of promised benefits.
Taxes and other revenue are too low or benefits promised are too high. Take your pick.
Categories: Social Security