Tens of millions of older Americans will see a major increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments.
HOW DOES SOCIAL SECURITY WORK?
The Social Security Act of 1935 was originally named the Economic Security Act, but the title was changed during Congressional consideration of the bill.Future problems with the fund have long been predicted, largely because of demographic shifts. As birthrates decline, fewer people become workers, resulting in fewer payments of payroll taxes. Meanwhile, more Baby Boomers are retiring and collecting Social Security., the fund will no longer be able to pay full benefits beginning in 2035.
Romig noted that the predicted date when Social Security will no longer be able to pay full benefits has historically fluctuated between 2033 and 2035 from year to year, because of various factors. Still, Storey said, it’s prudent for younger people to contribute to retirement and traditional savings vehicles, such as 401s, IRAs, and Roth IRAs.Storey acknowledged that the same inflation prompting the cost-of-living adjustment for Social Security makes saving more difficult for people in this age bracket, who also frequently contend with student loans, debt, and saving for an emergency fund or down-payment on a home.Republicans and Democrats have proposed a variety of policy fixes.
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