Politics

Social Security Faces a Shortfall. Your Future May Rest on Demanding a Fix. – The New York Times

Time to cut through the rhetoric, the nonsense about a surplus and plenty of money o improve benefits. Time to demand Congress do its job and fix Social Security as the Trustees have been urging for decades.

The core of conventional retirement planning is this: Save, invest intelligently, work as long as is practical and — if those measures aren’t enough — learn to live on less. For decades, those have been the big levers that the typical person can manipulate to plan for the future.

But there is something else you can do. It has rarely been part of mainstream discussions of personal finance, which I deeply regret. It is time for you to get political, and to start thinking of activism as a behavior equal to saving and investing.

This isn’t just my belief: It is the view of a range of experts who argue about many things, but agree on the need for people to start thinking — and acting — differently about personal finance.

Let me explain why. The best thing most Americans can do to improve their financial prospects in retirement is to insist that Social Security is made financially solid. A

 Source: New York Times June 21, 2019

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1 reply »

  1. I think most people age 20 to 40 believe that they will never receive anything from Social Security. I thought the same thing when I was 23. I keep getting the same form letters from my elected officials, when I ask about a SS fix.
    I will consider your views when voting on important issues. Most politicians today know that they will not be an elected official in 2035, so they do nothing. They are not interested in fixing the SS funding problem, they just point fingers at each other and do not want to lose an issue that they can scare seniors on during every election cycle.
    Just like government debt, “What’s the problem, we owe the money to ourselves.” CRAZY! CBO projects 34 Trillion will be owed in another 10 years. In the CBO’s new report on government debt, the central projection of 144 percent of GDP, the government would spend more on interest payments than the entire discretionary budget, which includes defense and all domestic programs, by 2046. I would be 90 by then and probably not see it, but my children and grandchildren will have a much lower standard of living, I am sure of that.

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