If you plan on retiring in the next 20 years, not to worry! According to the latest report from the Social Security Trustees, there will be plenty of dough to cover your full retirement benefits. But, the bipartisan committee found that funding Social Security beyond the massive Baby Boomers’ retirement will require quick “legislative changes” necessary to avoid disruptive consequences for beneficiaries and taxpayers.
The report doesn’t get into specifics about what those legislative changes might or should be, but it urges lawmakers to get a move-on so that whether it’s bolstering benefits or eliminating entitlements, Americans have as much time as possible to plan for their futures. But with an historically ineffective Congress at the helm, Americans’ faith in any rushed legislative solution isn’t too high. The report, which is annual, and finally arrived 4 months overdue, is an occasion to revisit that age-old debate of what the best course forward is for Social Security.
Do you think we need to being paying more into the fund? Should Socials Security be adjusted? How would you like to see your local Congressman address the issue of a long-term Social Security fix?
Jagadeesh Gokhale, Senior Fellow, Cato Institute
Monique Morrissey, Economist, Economic Policy Institute, a progressive economic think tank based in Washington DC. Her areas of interst include Social Security, pensions and other employee benefits